Mack’s Mid-Morning ES Price Action Chart 07-16-2024

Prices rallied during the overnight session and into the early opening but have now turned lower. The higher opening left a gap on the chart, so prices are likely trying to fill that gap that is down at 5688.25. This market is strong overall, but prices are overbought at the moment, so a correction should come soon. That does not mean it will come today though, so follow the price action and let it show you where it is going.

For now, prices are mixed and attempting to fill the gap. If they are unable to fill the gap, we could see prices work towards a measured move higher. This day could still go a couple of different ways, so stay flexible and be careful trading the tight congestion and ranges. Hopefully we will see some trending in one direction or the other before the day is over.

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