Mack’s Mid-Morning ES Price Action Chart 12-11-2024

Prices are rallying again this morning. There was a large spike and channel up on the CPI news this morning, so the market obviously saw that news as positive. There has been a break and new high of the original bullish channel, but there could be another flatter channel forming in its place. We need a bit more price action to know that for certain, but as of now, the rally may be taking a break, or the rally might just be continuing onward with a flatter channel. We must wait and see if the flatter cyan colored channel will continue the rally or not.

There is a large overhead gap on the chart, so prices may attempt to turn lower and fill that gap. If prices start trending downward, the target to fill the gap would be down at 6052.75. Be flexible and expect mixed prices no matter how the day plays out overall. Follow the price action and let it show you what it intends to do.