Mack’s Mid-Morning ES Price Action Chart 11-07-2024

There is an FOMC rate announcement at 1 PM CST today. Be sure to be flat an hour prior to that announcement coming out. The market continues to push higher this morning and is subsequently now in very overbought territory. A correction is overdue, although that does not necessarily mean it is coming today. Just be vigilant and trade wisely and follow the price action and you should be fine.

For now, the trend and bias are both up and the uptrend channel is still in play. Stay with that until the chart shows you otherwise.