Mack’s Mid-Morning ES Price Action Chart 11-02-2023

Prices are rallying strongly again today. They blew right through the EMA on the daily chart with zero resistance, which indicates some strength. We had a leg up and then some sideways action. Prices are breaking higher out of that possible range, so it is possible we could see another measured leg up this morning. That would be quiet a move if so, but when short covering begins in a bear market, you can have some really strong rallies, so anything is possible. For now, the trend and bias are up and up strongly, so stay with it as long as the chart tells us that is the current direction.

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