Mack’s Mid-Morning ES Price Action Chart 08-02-2024
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The downtrend continues today so far. Prices have moved all the way to the lower trend line on the daily chart, so if they find support there, we could see prices bounce or rally before the day is over. Prices could actually trend lower outside of that trend line and then turn back up and close inside the trend line before the end of the day, keeping that trendline intact.
Just follow the price action and stay with the down trend as long as it remains in play. I do see a break and new low on the main down trend channel on the 2000 tick chart, so this may be close the lows for the day. Just know that prices could go lower from here, or even turn up from here, as it is a major support line on a long-term chart. Prices could bounce off that long term trend line or even go lower at any time, so it’s a volatile price level that will just have to play out.
Just understand that there is a major long term trendline working higher on the daily chart, so a bounce or rally from here is not out of the question. Trade wisely and let the price action dictate your action. For now, the trend and bias are down at the moment.
