Mack’s Mid-Morning ES Price Action Chart 04-15-2024
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Prices rallied overnight, only to turn down soon after the regular session opening. The retail sales numbers came in higher than expected, which gives further reasons for the Fed to delay any interest rate cuts. The market will likely view that negatively since there were at least two rate cuts already baked into current prices in the indexes.
There is a large gap on the chart as well, and if prices are going to fill that gap, the target is down at 5166.50. If that target is met, a measured move down would be the next possibility and that target is around 5163.00.
For now, the trend and bias are down. There is likely to be more volatility and periods of indecision and more tight ranges, so trade accordingly and be careful not to get caught up in any possible mixed trading, as it is easy to get whipsawed.
