Mack’s Mid-Morning ES Price Action Chart 06-14-2023
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I am back in the office today after a great fishing trip. It will take a me a day or so to catch up with the emails and get back on track, so please hold any emails that are not completely necessary. I see the market has rallied strongly while I was out, so hopefully many of you were able to make some money on the move higher.
Today is an FOMC announcement day, so plan to be flat going into that announcement, as those announcements often bring some fireworks. The market is also well into overbought territory now, so a correction will likely come soon. Do not try picking tops though, as these overbought conditions can last much longer than often expected. Let the price action show you where it’s going and simply go with it.
I put up a new daily chart using the September contract as well. I’m guesstimating where I think prices might turn (The upper trend channel line) based on the midline and how prices look, so that channel might not be completely accurate. It should be close, but we will have to wait and see how close I am on my guess.
Comments
RJ June 14, 2023 at
Glad to see Moby Dick didn’t get ya Mack.