The market rallied overnight but turned down immediately at the regular session opening at 8:30 AM CST. This may end up being a range day, but don’t be surprised if prices attempt to rally, as these types of selloffs have not held lately. They almost always drive the prices back up again.

Maybe this time is different? If you look to the daily chart, you can see that prices are now trading outside of the tighter gray channel and are also now trading below the EMA of the larger green channel. If prices can close below that midline on the daily chart today, that portrays a larger correction than we have been seeing lately. Prices may not close below that midline though, but that is something to watch.

For now, the trend and bias are mixed to slightly down. If this is to be a range day, there will likely be lots of volatility, congestion and momentary ranges. Stay flexible and follow the price action.

Mack’s 2000 Tick ES Chart for 04-11-2024.
Mack’s Daily Chart with the Envelope Bands/Strategy.

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Comments

Dgriff09 April 11, 2024 at

You are the man MACK!! Thank you for all you do! ๐Ÿ‘

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