Mack’s Mid-Morning ES Price Action Chart 09-09-2024
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Prices rallied from the Sunday evening open and continued into the regular session opening at 8:30 AM CST this morning. Prices appear to be correcting at a minimum now, after turning lower around 9:00 AM CST. There is a large gap on the chart this morning, and that target would be down at 5403.75 should prices attempt to fill it today.
It is difficult to know if the rally is going to fizzle or if this is just a correction before prices start higher again. 5463.00 appears to be the line in the sand for now, and prices just pushed through that with ease as I am typing, so unless that break lower fails, we could see prices heading lower for now.
No matter how this day plays out, I would expect some mixed trading. Fow now, prices are trending down, but the overall day has been bullish up until the past 30 minutes, indicating things can change quickly. Stay with the downtrend until prices show us otherwise but be alert to the possibility of fast reversals.
