Mack’s Mid-Morning ES Price Action Chart 07-08-2024
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Things are a bit slow this morning with low volume. This is most likely due to a holiday hangover and things will probably pick up as the day progresses. Prices rallied during the overnight session, leaving a gap on the regular session daily chart. If prices are attempting to fill that gap, then that target is down at 5619.25.
I would call the price action mixed to slightly down at that this point, but things will probably change before the day is over. Should prices confirm the larger downtrend channel on my chart, I would look for prices to try and fill the gap at a minimum. Further downward action from there would see prices testing the overnight lows. For now, it appears prices are trying to go lower, so I would look for the first downward target to be an attempt to fill the gap.
Note that prices did turn down off the highs with a direct touch of the upper side of the green trend channel line on the daily chart. That might indicate that a high is in for now, even if only a momentary one. Stay focused and disciplined and allow the price action to dictate your moves.
