Mack’s Mid-Morning ES Price Action Chart 02-04-2024
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No surprise that the market is rallying this morning. Can it sustain that rally, well, that is to be seen, but for now, the trend and bias are both up. I just do not believe that the current administration will ever allow this market to correct much or sell off going into the November elections, so there is likely room for more upward movement, or at a minimum, very little downward movement.
When the top come will most likely be sometime after November, although we will hopefully get a good chart signal that will allow us to have a better idea of when the top is finally in for this rally. Again, anything is possible, and this is just my best guess based on past election years, so be nimble and be ready for whatever the market gives us in the end. Never forget that the chart is never wrong, so look to it to determine what comes next. For the moment, the trend and bias are both up, so stay with the up trend until the chart shows us otherwise.
Happy Valentines Day to all. Don’t forget to do something special for your loved one’s or significant other!
Comments
ssiegrist February 14, 2024 at
Thank you, Mack, everyday for your insight!