Mack’s Mid-Morning ES Price Action Chart 01-31-2024

Today is an FOMC announcement day, so be flat by Noon CST today. You do not want to get caught up in a surprise announcement and take a big loss.

The trend and bias are both down this morning. Note that I am guesstimating the lower trend channel line on the larger blue down channel, so we will have to wait and see if that is accurate or not. At some point, we may have to adjust that line if it does not turn out to hold the low side of prices.

There is an overhead gap from today’s open and yesterday’s close as well, so prices may attempt to fill that gap at some point. For now, prices are inching lower on low volume.

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