Mack’s Mid-Morning ES Price Action Chart 08-07-2024
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Prices have continued to rally so far today. Prices did find resistance around 5359.00 before backing off and moving lower again, so we may see prices become mixed again from here and maybe even turn down again much like yesterday’s price action. At the moment, prices are trending downward, but this may just be a correction in a bigger uptrend for the day.
Regardless of how this day plays out, I would expect more mixed trading at times, as we tend to get a lot of that throughout the day lately. The volume appears to be higher today as well, so we will just have to see where the price action will take us by the end of the day. I still think we will work higher again at some point soon, but that does not mean that begins today, so just follow the price action and let it show you what it wants to do.
As of now, the bias is slightly down, but that may just be a temporary correction, and prices could turn higher again at any time. Stay flexible and go with what the chart gives you.
