The trend and bias have been down strongly this morning, although prices have found support down around 3865.00 and things are mostly sideways since that point. The bias is still down, and prices will probably test the support another time or two before giving up. If prices can breach that low, I think we see them go even lower today. The support will be the key though, so watch the 3865.00 price level closely, as how prices react there in the end will determine how the rest of today likely goes.

The daily chart also looks very bearish at this point. Prices continue to be oversold, so a bounce is possible, but let the price action show you where it intends to go and do not fight against it, as it is never wrong.

Mack’s 2000 Tick ES Chart for 09-20-2022.
Mack’s Daily Chart with the Envelope Bands/Strategy.

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