Mid-Morning ES Price Action Chart 03-04-2022

It is no real surprise that prices are trending lower this morning, as there was more room to go lower than higher based on the overhead resistance on the daily chart. Prices had the mid-line and the recent resistance level around 4381.00 to contend with before they could push higher, so the path of least resistance was certainly lower. That doesn’t mean this won’t still be a range day or even that prices cannot or will not trade higher before the day is over.

Right now, the clues are pointing towards downward to sideways price action today. Be sure to watch your micro-trend channels closely, as you will likely need them to narrow in on the more near-term directions, as prices are likely to move strongly in both directions again today, even if they continue to trend lower overall. The current market environment will continue to create high volatility with strong sell offs, likely followed by strong rallies, even if only short term moves in both directions with an overall sideways bias.

I hope everyone had a great trading week and I hope you have a great weekend as well. Good trades!

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