Mack’s Mid-Morning ES Price Action Chart 07-23-2024

Prices have rallied this morning, but the current trend channel appears to be playing out for the moment. That does not mean that the trend up cannot re-establish itself, but as of now, it does appear to have a break at least one leg up to a new high. Prices appear to be working on a second leg up as I am typing. I am looking for a possible measured leg up as well, but if we don’t reach that, it could be an indication of another bigger move to the downside.

Right now, the trend and bias are still up, but that might be changing, so be prepared for mixed trading or even a possible reversal at some point.