Mack’s Mid-Morning ES Price Action Chart 07-11-2024

The trend and bias are down today. The CPI news was released today, and it shows cooling inflation. Not that I believe any of their reports, as they are all rigged. However, that is a possible sign that they may try and lower interest rates soon. They will write articles saying that the CPI news affected the market, but the market was overbought and ready for a pullback, which we already knew based on the charts.

Things could change as the day progresses, but for now, the trend and bias are both down.