Mid-Morning ES Price Action Chart 03-08-2022
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Early on it appeared as if prices were going to try and rally off the lows and maybe reverse today. Now it looks as it prices could go lower or possibly remain range bound. With the news that we are now banning any further Russian oil, I can only see gas shooting higher, which in turn will continue to pressure the US economy and in turn the markets.
I am no economist, but common sense and experience has shown that when gas gets expensive, the US economy is negatively affected, so we could see more downward pressure. Looking to the daily chart for more information, what looked a bit bullish early on has now faded to neutral to down, so I would expect lower prices and continued downward pressure. Maybe we can find a bottom or just trend sideways, but further downward action is certainly possible and likely a given.
