Mack’s Mid-Morning ES Price Action Chart 10-04-2024
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Prices opened much higher this morning leaving a lower gap on the chart. Prices attempted to fill that gap but have failed to do so at this point in time. I see a spike and channel down, and prices just made a break of the down channel trendline and have now turned lower again, so I would expect prices to make another run at the lows and possibly attempt to fill that gap as well.
For now, prices are still pushing lower. Once they make a new low on this channel and if the gap is filled, we could see prices turn higher again. Respect the overnight lows, which also happen to be the close from yesterday, until prices prove that price level is not going to hold. Until then, treat it like support and wait for prices to show you how they will react in the end.
For now, the trend and bias are down, and we have two near term targets: A new low on the retest (5757.00) and the close from yesterday, which is at 5744.00. Stay with the downtrend until the price action shows you otherwise.
