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 intraday highs after significant rallies in both directions. Markets continued to be choppy.
From a birds-eye view, price action continues to be range-bound for 5+ consecutive days with very aggressive mini market cycles. Yesterday’s price action did probe below the lower boundary of the 5+ day range.
Today, Economic news in pre-market has not significant moved price action, however there are several more reports that we should watch with caution in the morning session that may inpact price action early.
Similar to yesterday, with price action inside the prior day’s range and inside the multiple day consolidation area, but near yesterday intraday highs, we will watch the markets with caution until we see more evidence of swing pivots being tested.
Pre-market price action very calm and testing the prior days high area.
In pre-market, the 5-minute chart is consolidating with no direction as of yet.
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Took a position LONG once price action showed evidence of crossing the prior day high. Price action continued with strong momentum higher…we took 2.0 point profit.