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

There was some early CPI news announced this morning that led to a sell off. However, prices found support and are now trending higher. There was a small gap on the chart from the close of yesterday versus the open this morning, and prices needed to push higher in order to fill that gap. That gap has now been filled, but prices could continue higher. With that the gap having been filled though, it is always possible that we could see prices push lower again and attempt a measured leg down.

For now, the uptrend is still in play, so stay with that until the price action shows us otherwise. Should prices eventually start trending lower again without having rallied more than about 50% to 75% of the original downward move, look for a possible measured leg down. Mixed trading is very likely as well.

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