Mack’s Mid-Morning ES Price Action Chart 05-14-2024

Prices are rallying this morning but have not breached the most recent highs just yet. I do see a break and a new high in the current trend channel, but that does not mean prices still will not go higher. Prices could be topping out here, but there is no evidence to prove that just yet, so let the price action play out a bit until we can get a better idea of what is coming next.

Per the daily chart, we still have not been able to breach the midline of the larger green channel just yet, and that could send prices sideways or lower again should it continue to hold prices. I would watch prices closely for a possible correction if that midline holds again. For now, the trend and bias are slightly up, but that appears it could be changing as I am typing. There is still a gap on the regular session chart, and prices may attempt to fill that gap at a minimum.

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