Mack’s Mid-Morning ES Price Action Chart 06-28-2024
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The rally continues so far today. After three consecutive higher closes, the most likely scenario was more upward action today, and we are getting that in droves thus far. Don’t get lulled to sleep though, as we are likely to see some mixed trading before the day is over. The large two-tiered channel certainly appears valid at this point, so we could see continued upward movement today, but I want to see a bit more price action before I’m confident that channel will continue to hold prices.
Regardless of how the day plays out, the trend and bias are still up at this point, so stay with that trend until the price action shows us otherwise. As always, be careful getting long into the highs, as it could take some work to continue pushing this market any further upwards today. The higher prices go, the more we get into overbought territory with a chance at a correction or at least some consolidation.
