Mack’s Mid-Morning ES Price Action Chart 11-14-2023
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Today as a great example of why it is best to be flat when high volatility news comes out. There was a huge spike up on the 7:30 AM CPI news this morning. It’s easy to get caught on the wrong side of a move like that, so that is why I encourage you to always be flat going into any “high volatility” news item.
The trend and bias are up and up strongly as I am typing this up. However, prices are well into overbought territory, so be careful getting too bullish at the moment. You cannot ignore the uptrend, but just be disciplined and picky about your entries and be prepared in case prices were to turn down suddenly. They can often go much higher or lower than we think, so the overbought conditions could linger as prices push higher. Just understand that they can often turn just as quickly, so trade wisely and be prepared for anything. For now, the trend and bias are up and up strongly.
