Mack’s Mid-Morning ES Price Action Chart 07-10-2024
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This has the look of a spike and channel up, and as of now, the upward trend line is holding. We are still likely to see more mixed trading today, but for now, the trend and bias appear to be up. That could change, as we are well into the upper trend channel line on the daily chart, and prices are also becoming overbought again. That doesn’t mean prices cannot and will not go higher though, so just be choosy with your longs until we have a better idea of what is going to transpire today. Should prices turn down, wait for a confirmed downward channel before getting too bold with the shorts.
While we are in a bull trend overall, we are at a point where the path of least resistance may be downward, so just be prepared for possible mixed trading or even a reversal to the downside. There is a gap again this morning on the daily chart, and that target to the downside would be 5632.00. If prices fill that gap today, this will likely be a range day similar to yesterday’s price action.
