Mack’s Mid-Morning ES Price Action Chart 03-14-2023
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Prices sold off strongly just after the regular session opening but found support near the 5200.00 price level and are now trending higher. This may just be a correction in a larger downtrend, but that is to be seen. At the moment, the trend and bias are both up and prices are rallying.
If prices take back around 50 to 75% of today’s sell off and then start down again, look for a possible measured leg down. Until then, stay with the trend and expect possible mixed trading at times, as this market has been consistent with the sideways choppy trading at times for a while now.
The price action will always show you what it wants to do, and if you are not sure what prices are doing, always sit idle and wait until you do know what prices are doing. Patience and discipline are the keys to success, so continually remind yourself and ask yourself, what are prices trying to do? If it is not obvious to you what they are doing, then you should never take a trade. Only take a trade when you know what prices are doing and you get a setup that also confirms that thinking.
