Mack’s Mid-Morning ES Price Action Chart 08-20-2024
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Prices are very overbought at the moment and if you look to the daily chart, prices are pushing through the upper band of Envelope, indicating that a correction could come soon. That might only mean sideways action, but a correction for a bar or two to relieve the overbought situation is not out of the question. The volume is much lower as well, making it appear that the buying is slowing at these price levels.
Although I would call prices range bound at the moment, the path of least resistance may be to the downside due to the overbought situation. Just follow the price action and do not be surprised no matter how the day plays out. We could see a range day, or a trend in either direction before the day ends. Be patient and follow the price action wherever it takes you. For now, the bias is mixed to slightly down, but that could change back and forth if this is to be a range day.
