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 reversed after yesterday’s late session rally off the intra-day lows. Overnight price action continued to show weakness after being below the opening bell all day and remain inside the prior day’s range while heading towards the lower 1/3rd area.

From a birds-eye view, price action has been in a strong market cycle phase 2 with higher highs and higher lows for an extended period over multiple days. Yesterday’s price action remained inside the prior day’s and leads to several scenarios for a possible Market Cycle Phase 3 M pattern or a multiple day flag pattern. We need to watch whether swing pivot lows are broken.

Pre-market Economic news and reports expected to be light today.

Pre-market price action on the 5-minute charts forming lower highs and lower lows at it approaches the prior day’s low. Watch to see if price action will break below multiple prior day lows.

So we watched our ES 5 Minute Complete rules and Market Cycle Analysis conditions for more evidence of setups from Candlestick analysis, chart formations and patterns and price action.

Explanation:

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With price action inside the prior day’s range we waited for some confirmation of direction. Decided to sit-on-hands today.

Review all of our trades in the Quick Hits For Fast Profits Summary table…

Extra Trades: none

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