Mack’s Mid-Morning ES Price Action Chart 11-11-2024
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Prices are trending lower as I am typing up this report. It was interesting that prices turned down right off the upper trend channel line on the daily chart, as that could indicate a correction is coming soon. There is a gap on the 2000 tick chart, and prices will need to trade down to 6023.50 in order to fill that gap. As of now, the trend and bias are down, so that gap would be our first target should prices continue to trend lower.
This is a federal holiday (Veterans Day), so it is likely to be a low volume quiet day overall due to the banks all being closed today. There are no news items coming out today either. Do not trade based on that thought though, just follow the price action and take what the chart gives you. If nothing presents itself, just sit tight until things change. Anything could happen at any moment and the market could get active, so just follow the price action and go with what the chart gives you. Do not force trades or get bored and antsy and chase bad entries. The difference between an average trader and a good trader is discipline, so never forget that.
If you are a veteran, thank you for your service! If you know a veteran or encounter one today, buy their meal if you are out for lunch or just thank them at a minimum, as they work hard every day to give us the freedoms we have in the USA.
