Mack’s Mid-Morning ES Price Action Chart 02-13-2024

We are seeing some additional selling this morning with follow through to the downside after the CPI news was released. Recently, the market has taken most of these selloffs back by the end of the day, so let’s see if that happens today. With this being an election year, they are going to do whatever it takes to prop this thing up in my opinion, so a larger correction is hard to imagine unless we get some large event that sets the market off.

For now, the trend and bias are still down, although the selling has lost some of its momentum now. That does not mean the downward action is over though, so just be aware that we could be finding support now and prices could rally to take some of this selloff back again. There is a large gap from the close of yesterday to the open today and that is way up at 5035.25, so a move to fill that gap would be a large rally.

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