Mack’s Mid-Morning ES Price Action Chart 11-15-2023

Prices pushed to new highs during the overnight session but have gone sideways since that point. Prices continue to be very overbought, so a correction is overdue. That does not mean it will come today or tomorrow though, so follow the price action and do not trade what you think or expect. I would call today’s price action mixed so far, with a mild upward bias as of now, but that could change and even flip back and forth if this is going to be a range day.

Be flexible and let the price action show you where it wants and plans to go. Always use discipline and patience and never trade without safety stops. If you follow those rules, you are probably ahead of the average trading crowd.

I have had a few questions and requests for updates in regard to my recent comments I made about a possible market crash or sell off. Obviously, the market has done just the opposite over the past week or two, so that seems like a really bad call overall. However, they are saying that the problems/issues are still there and in play and it “could” or “might” happen anytime between now and mid-December. That doesn’t mean it will happen though, so don’t do anything brash or crazy, just be aware of the possibility.

Simply follow the price action and go with it, as that’s the answer. I rarely listen to the pundits or make predictions for this very reason, as you usually end up with egg on your face. 🙂 These people have a lot more information than me and you though and they were so convinced that we were going to see a “black Monday” that I felt it was worth mentioning (And they say we are still not out of the woods), but this is why we read the chart and go with what it tells us instead or what we think.

It is very difficult to call market turns. You can be right in the end, but wrong for longer than you expect, as timing things is the hardest part really. It’s why we don’t try picking tops and bottoms for the most part. Just be alert to the possibility of a “possible” sell off and just trade what you see and what the markets give us.