Mack’s Mid-Morning ES Price Action Chart 12-08-2023
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Prices rallied this morning off the unemployment and consumer sentiment news. Both of these items are meaningless really, because they are just smoke and mirrors in our current economy. Anyone wanting to work is employed for the most part, and most of the people seeking our new jobs are just returning to the work force after Covid shutdowns.
All the same these news items were enough to push this market higher, because it seems to want to go higher anyway. It’s possible that there won’t be any serious correction until prices can retest the highs of this contract on the daily chart, and that would mean a target of around 4700.00 before it’s over. No matter what happens, just follow the price action and you will be fine. Never trade based on feelings or simply thoughts about the market. Trade what you see and what the chart is showing you.
We will roll to the March 2024 contract next week, so it will be interesting to see if we can retest the highs of this contract before it expires. The recent sideways movement was enough to ease the overbought conditions, so there is room for upward movement again right now. Prices started correcting strongly just as I started typing this up, so it appears prices will take back the news move rather quickly and reset from there. More of the mixed prices is likely, so be nimble and disciplined with your trading. For now, prices are mixed to slightly up, but that could be changing as I am typing, so stay open to anything today.
