Mack’s Mid-Morning ES Price Action Chart 05-22-2024

Prices opened lower after trading down during the overnight session, leaving an overhead gap on the regular session chart. Prices have been working higher in an attempt to fill that gap, so that was our first target to the upside this morning. If prices continue higher, the next target will be the overnight highs. Should prices turn lower before breaching the overnight highs, watch for a measured move down, but respect the overnight lows until prices prove that this is not going to be a range day.

For now, the trend and bias are up, but prices have broken the trendline of the upward channel, so we could see prices work sideways or turn down now. Stay with the uptrend until prices prove it is over but respect the overnight highs until prices prove that price level is not going to turn prices lower again.

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