Mack’s Mid-Morning ES Price Action Chart 08-23-2024
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Prices rallied during the overnight and early morning on an uptick in the 9:00 AM CST new home sales. Fed Chair Powell also said it was time to cut interest rates. As I have said many times, they will not let this market sell off prior to the election, and Powell will do what it takes to keep the democrats in the white house, so be prepared. This will be great for the markets for a while, but it will prove disastrous at a later point in time.
Those news items normally take any large moves back within the hour though, and it appears that is happening as I am writing up this report. There is a large gap on the daily chart, so prices could attempt to fill that gap at some point. Thus far, prices did bounce right off of the midline on the daily chart and shoot higher, although they are now once again in overbought territory.
This market wants to go higher, and they are setting it up to go higher. A retest of the all-time highs is likely coming soon, but we may get some mixed trading and sideways action, or even a late afternoon correction before it is over. The trend has been strong so far, so more upward movement is very possible, just trade wisely and enter smartly and do not chase the market. Expect volatility at times. Most importantly, follow the rules and put your safety stops where they belong, and you will give yourself the best chance to survive any crazy moves that might catch you off guard.
For now, the trend and the bias are both still up.
