Mack’s Mid-Morning ES Price Action Chart 07-24-2024
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We are definitely seeing follow through selling today. Things have been selling off in a very steep channel, which is often hard to sustain very long. I see a possible flatter channel forming in the darker blue channel, but that hasn’t been verified yet, so it is only a possibility at this point in time. We could get a completely different down channel before it is all said and done, or we could even see prices rally before the day is over.
The steeper channel appears to have a convincing close outside of it now, but a retest of the lows is almost certain in a trend this strong, so we have most likely not put in a low for the day just yet no matter how the day plays out. For now, the trend and bias are both still down. That could change as the day progresses but stay with the downtrend until the price action shows us otherwise.
