The volume is down this morning, and volatility has reduced a good bit. The rally continues this morning, although I do see a break of the upward trend channel and prices are pushing higher for a retest as I am typing up this morning’s report. Prices are well into overbought territory now, so a correction is due soon. That correction may or may not come today, so just follow the price action and our rules and you should be fine.

Most importantly, do not buy into the highs, always wait on a pullback to important key entry points, then wait on the proper setup as well. Remember not to try and pick tops either. If prices go into a transition period, sit tight and allow that to play out. Do not forget to draw your micro-channels and micro-ranges as well, as that will help to keep you on the right side of the trade. We only take sure things if trading live, so remind yourself of that!

Mack’s 2000 Tick ES Chart for 11-08-2024.
Mack’s Daily Chart with the Envelope Bands/Strategy.

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