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.
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Pre-market Economic news and reports…
Overnight price action for the ES Emini Futures started to form lower highs and lower lows heading into pre-market and the opening bell. With the confirmation of multiple flag patterns, we have transitioned to a mini market cycle phase 4. Price action found some minor support before rallying off the lows in pre-market. However, the swing pivot from the flag pattern still provides evidence of a downtrend.
After the opening bell markets very choppy with lots of consolidation. Decided to sit on hands this morning.
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Price action continued to be choppy with no direction.
For ultra-aggressive traders, no setup opportunities this morning.
For traders focused on higher quality trading, no quality setups this morning session.
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