Mack’s Mid-Morning ES Price Action Chart 12-04-2023
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The market gapped open lower last night and sold off strongly. There was a mild correction at the regular session opening, but that soon found resistance and the selling returned. Should we get another equal leg down, that target is around 4545.00. The market has quickly taken back all of the rally from Friday and then some and looks extremely bearish at the moment. Price may try and fill the gaps, but at the moment, things look too weak for that to happen. Never say never though, so just be aware of the fact that the gap is there, and prices could attempt to rally and fill that gap at any time.
Most of the pundits are calling for a continued rally and much higher targets, but the economic environment just does not match those criteria in my opinion. I’m not saying I’m right and they are wrong, but that is why we follow the price action and go with what it is giving us, as you cannot rely on the news or the supposed experts to give you anything you can count on when it comes to the markets. The price action and the charts never lie, and they tell the tale. For now, the trend and bias are down and down strongly. Stay with the downtrend until something changes to tell us otherwise.
