Mack’s Mid-Morning ES Price Action Chart 11-01-2023

The market is rocketing higher this morning but note that there is a 1 PM CST FOMC announcement today, so that could create some fireworks. Make sure you are flat an hour prior to that news announcement coming out. It will be interesting to see if the news will send prices higher or lower today but wait and let the volatility settle down before jumping in to be safe. Most news moves will reverse and take back the move quickly before resetting and starting over again. That may or may not happen today, but in most cases, that is how the market will react after a big news jolt, so be aware of that fact.

For now, the trend and bias are up, so stay with it until the price action shows us otherwise.