This commentary will focus on the first 60-90 minutes after the Opening Bell. However, our strategies can and will provide setups the entire trading day.
Overnight price action consolidated near the prior day’s high area after rallying and building momentum to break out of the multiple day range-bound area from several days ago. Intraday price action formed higher highs and higher lows showing clear evidence of a market cycle Phase 2.
From a birds-eye view, yesterday price action broke out of the consolidation area and the upper boundary of resistance and presented several LONG setups.
Similar to yesterday, Pre-market Economic news focused on consumer-related news reports and activity of the economy. Watch with caution as the markets may have some profit-taking today or experience a retracement.
Pre-market price action moving sideways in the upper 1/3rd of the prior day’s range near the prior day’s high and we see that with the markets at all time highs, we will watch the 5-minute for any indications of a breakout.
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We closed the trade with 0.25 points loss.
Review all of our trades in the Quick Hits For Fast Profits Summary table…
With price action clearly in a Market Cycle Phase 2, above the opening bell and we had the flag pattern retest, we went LONG for a quick trade and closed it with 2 points profit.
The Market Cycle strategy continues to give us easy LONG setups. We took the trade and using a tight trailing stop, captured another 1.25 points profit.
If you manage the trade more carefully, you can easily get more profits!