Mid-Morning ES Price Action Chart 03-23-2022
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The bias is still somewhat down at this point, but prices have been rallying since about 9 AM CST. This could end up as a range day, but if prices find resistance and cannot push higher, we might see a measured leg down at some point, so be open to that possibility. The daily chart is hinting at prices being overbought, so a larger correction is overdue really.
That does not mean prices cannot and will not go higher still. We could see a continued push higher if this bounce can gain some traction. For now, things seem a bit neutral overall, but the large selloff during the overnight and early morning trading is still hanging over the market. That fact along with the daily chart hinting of prices being overbought, the path of least resistance may be lower for now. Be open to prices moving in either direction while understanding that the volatility could jump at any time as well.
