Mack’s Mid-Morning ES Price Action Chart 05-16-2024

Prices appear to be mostly range bound so far this morning. The volume is extremely light right now and prices are well into overbought territory with a new high in place on a possible retest. If prices start trending higher, then we will go with them, but the higher we go here, the more likely it is that a correction may occur, even if only a mild correction.

Do not lose sight of those facts and get overzealous with your buying should prices push higher. Just follow the rules and be patient and wait on good setups. For now, the trend and bias are neutral and mixed trading is very possible. Prices could trend in either direction before the day is over, so stay flexible and follow the price action.

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