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.
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