Mack’s Mid-Morning ES Price Action Chart 10-06-2023

The trend and bias turned down strongly after the unemployment news came out this morning. Prices dropped over 50 points in about 20 minutes, only to recover a bit more than half of that sell off before turning down again. Prices are currently trending lower in a two-tiered channel, so as long as that channel remains it play, stay with the downtrend.

If today goes like the last couple of days, we might see a rally or some form of strong buying before the end of the day. This market sells off easily, only to see prices rebound somewhat before the end of most days. Trade wisely and wait on sure things so that you don’t get trapped or whipsawed.

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