Mack’s Mid-Morning ES Price Action Chart 10-24-2023
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The trend and bias are up as I am typing this up, but there is a break and a new high on the original channel. Prices were somewhat sideways before pushing higher as well, so I would expect that we might see more mixed trading today regardless of how the day plays out overall.
Right now, I would call the trend and bias up, but how prices react from here after breaking higher out of the large pink range will likely dictate what comes next. If prices continue to push higher, we could see another leg up. Prices have relieved some of the oversold pressure, but the breakout might fail, and we could see either more mixed trading or even some more selling before the day is over. Just don’t get too eager to go long on this breakout. Make sure prices are going higher before looking to get long.
Just follow the price action and be patient and disciplined following the rules, while allowing the price action to show you what it is trying to do, and you will avoid a lot of problems and headaches.
