Mack’s Mid-Morning ES Price Action Chart 04-09-2024

Another steep drop in prices just as I am typing this report up this morning. It will be interesting to see if buyers will step in and drive it back up again, or if one of these sell offs is the start of a larger correction. The market is in a tough spot with inflation still roaring and interest rates already seemingly too high. All of this, along with one of the ugliest elections coming up in years. I would expect the current administration will do everything in their power to keep the market propped up until the election, but there is only so much that can be done with the current economic environment we find ourselves in overall. Hang on, as volatility is sure to on the horizon.

For now, the trend and bias are down. Stay with that until the market shows us otherwise.