Mack’s Mid-Morning ES Price Action Chart 02-12-2024

Prices sold off strongly on the CPI news this morning but eventually found support and have rallied since that point. The two-tiered blue bull channel now has a break and two legs to a new high, and that high is right around a 50% retracement, so a logical spot where prices might turn lower again. It is a bit early to know if prices will just work sideways for a bit or immediately turn lower again, so wait for the price action to show you what it is going to do.

As of now, I would still call this slightly bullish, but it does appear that prices are running out of steam and the chart is saying the bullish run is likely over, at least for the moment, so trade wisely and wait for good setups.