Mack’s Mid-Morning ES Price Action Chart 05-08-2024

So far this looks like it could be another range type day. Prices are rallying as I am typing, but they are also attempting to fill the gap on the regular session chart, and that target is at 5212.00. Looking to the daily chart, this correction was not enough to test the EMA or the breakout of the small congestion area, so we need a much larger correction for that to occur.

Respect the overnight highs and lows of the range until prices prove those key areas are no longer holding. If they give way, we could see some trending today, but which direction is still a bit unclear. For now, the trend and bias are working higher, so stay with that until the price action shows us otherwise.

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