Mack’s Mid-Morning ES Price Action Chart 12-05-2023

Prices were mostly sideways until the 9:00 AM CST news items hit and that woke things up and sent prices higher for the moment at least. A measured move based on the width of the original range would give us a target of 4582.25. Prices appear to be trying a retest of the highs on the darker blue channel, but are struggling at the highs of yesterday, so we will have to see how prices react from here.

For now, the trend and bias are mostly mixed and neutral. The momentary bullish strength off of the news appears to be waning, so be prepared for the possibility of more mixed trading. Prices could start trending again in either direction at some point, but just watch the mixed trading and do not get whipsawed trying to enter at the wrong time as prices are reversing. Wait on proven trends before you trade any trend channels.

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