Mack’s Mid-Morning ES Price Action Chart 08-30-2024
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Today looks almost the same as the chart did yesterday at this time of day. The spike up is not as strong, but it is the same general pattern with a spike and channel up. There is a gap on today’s chart, and if prices push lower to fill that gap, that target is down at 5618.00. Note that the current and flatter blue channel has not yet been confirmed, so we need it to hold again and push prices higher before it will be a confirmed trend channel. It certainly looks valid, but another touch and bounce of it is needed to know for certain. For now, respect the trend channel until prices prove otherwise.
For now, I will call the bias up slightly to flat, and we can expect mixed trading. The current channel is rather flat, so you can probably trade it both ways if the setups are good, but always consider with-trend entries to be your best option. Let’s see how prices react when the get to the trend line, as they are working in that direction now. How prices react from there will tell us more. This day could go any direction or even sideways, so follow the price action and allow it to dictate how you trade today.
