Mack’s Mid-Morning ES Price Action Chart 11-13-2023
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Prices rallied strongly again on Friday and closed much higher and outside of the large downtrend line on the daily chart. So far this morning, prices are very quiet and mostly sideways. That could change before the day is over, but for now, I would call this a range day.
Some consolidation after the large rally would not be unexpected. This market just keeps climbing, so do not argue with it. No matter what the overall economy looks like or what the numbers are they report, the market will do what it wants, and it is never wise to argue with it, so follow the price action and stick with what the chart tells you and you will always be ahead of the game.
There is a gap on the chart between Friday’s close at 4431.00 and this morning’s open at 4415.50. Prices will often attempt to fill those gaps quickly, so if prices start moving higher, look for the overnight highs to be target one, and if prices can continue pushing higher from there, the close on Friday would be target two.
