Mack’s Mid-Morning ES Price Action Chart 11-17-2023

Prices turned lower just prior to the regular session opening this morning and have gone sideways and mixed since finding some support around 4515.00. If prices turn lower again, look for a possible measured leg down for a first target. We could see more mixed trading or even a bounce or rally off these lows. I still see the path of least resistance to the downside, but lately, you can never count out more upside movement.

At the moment, a small double top has formed at the highs on the daily chart, so if that holds, we may finally see some type of a correction. Trade what you see regardless and go with what the chart gives you. For now, the bias is mostly flat, so I would still call it mixed trading at the moment. Things could change multiple times as the days progresses, so just be flexible and patient and let the price action guide you.

This may or may not be the last mid-morning chart until after the Thanksgiving holiday in the US. I will take most of next week and maybe all of next week off. I haven’t made up my mind yet, but I may work Monday and maybe even Tuesday if the weather is bad. If the weather is good, I plan to take off the entire week, so if I don’t send anything out prior to Thanksgiving, I hope everyone has a safe and happy Thanksgiving holiday. I have much to give thanks for, so I look forward to the fellowship and spending some quality time with my family and friends. All the best to each of you!