Mack’s Mid-Morning ES Price Action Chart 10-30-2023
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Prices rallied for two measured legs up during the overnight and early part of the regular session but have now turned lower and are trending down rather strongly. There is a gap on the chart again, as prices gapped open at 5 PM CST last night. The target to fill that gap is down at 4141.50. For now, the trend and bias are down. Once prices fill the gap, we will have to wait and see how prices react from there.
Prices are still in oversold territory, so a rally or bounce could come at any time. However, prices can often remain oversold for much longer than we would expect, so do not try and pick bottoms, as it can be very dangerous for your trading account.
I am hesitant to post this, but I feel it is information that should be shared, just in case. I have no idea what is going to happen over the next two days, so make sure you hear that clearly. However, I have heard from people in the know that have their pulse on the market and are often right on the mark with their calls. According to this source, they are expecting a large sell off and possible crash in the markets over the next couple of days.
Again, this may be nothing and they may be completely wrong, but they are expecting it and preparing for it. As day traders, this shouldn’t be too much of a concern for us, because we are trading with the trend and we always have tight stops in place, so even if we are wrong, we should never take a large hit.
Hopefully these guys are wrong, but there is just so much negativity with both our economy, our national debt and the war in the middle east, that any combination of those issues could set off a powder keg of selling, so I am taking them seriously and trading with a bit more caution over the next couple of days. Hopefully nothing serious occurs and it’s trading as usual, but I felt I should share this, just in case.
Comments
Isabelle October 30, 2023 at
Thank you so much for sharing your concerns and warnings about the general market. I have raised some cash just in case. Once again, very much appreciate your posting.
daveru21 November 14, 2023 at
Hey Mack,
Any word from your sources of “people in the know” about where that market crash they were anticipating is?
Since you mentioned this, the market has done the complete opposite.
Just curious,
Thanks!
Mack November 15, 2023 at
They are saying that the problems/issues are still in play and “could” or “might” happen anytime between now and mid-December. Just follow the price action and go with it, as that’s the answer. They were so convinced I felt it was worth mentioning, but this is why we read the chart and go with what it tells us instead of what we think. It’s difficult to call market turns. You can be right in the end, but wrong for longer than you expect, as timing things is the hardest part really. It’s why we don’t try picking tops and bottoms for the most part. Just be alert to the possibility of a “possible” sell off and trade what you see.