Mack’s Mid-Morning ES Price Action Chart 12-17-2024

Prices have been down during the overnight and most of the morning, but they could be putting in a bottom as I am typing this up. If the support around 6118.50 holds, prices could bounce or start trending higher. There is an overhead gap on the chart this morning, and should prices attempt to fill that gap, that target would be up at 6149.75.

Note that at the current low, prices did just fill the lower gap that was left on yesterday’s chart. If that was the target, that would be further evidence that maybe a low is in for now. We will need to see prices bounce first though, and that has not happened just yet. There is support at 6118.50, but we are not seeing any rejection just yet, so we must wait to see what happens.

For now, I would say the trend and bias are down, but that could be changing. Expect mixed trading at times no matter how the day plays out. If prices push lower, the next target is down around the 6112.00 price level.