Mack’s Mid-Morning ES Price Action Chart 01-29-2024
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The volume seems a bit light so far this morning. While prices have been trending higher, they are currently correcting at a minimum, and if you look to the daily chart, prices have actually made a measured leg up where they are finding at least temporary resistance. When we drew that measured move a few weeks back, it seemed difficult to imagine prices would make that move, but they indeed did do exactly that.
This market simply wants to go higher, and where the top will occur, it is difficult to say, but for now, prices keep pushing higher. Prices could find strong resistance at the measured move on the daily chart, so be alert to that possibility, but as long as prices keep trending higher, go with them. It really looks like we could see some topping action and/or mixed price action today no matter how the day goes in the end, so be prepared for that and guard against getting chopped up.
Comments
thedylanyoung January 29, 2024 at
Welcome back, @Mack! Hope the trip was good! Is it possible we could be playing a bigger range in that 4914 to 4923 area?