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 started to show some weakness as it presented a series of flag patterns with lower highs and lower lows. Price action crossed below the prior day’s low and then found some minor support and consolidated heading into the pre-market and the opening bell. From the daily charts, price action has been consolidating for the last 4+ days with tight intraday ranges, making it difficult to capture quick profits.
For ultra-aggressive traders, most of the setups did not have a lot of momentum or follow thru today.
For traders focused on higher quality trading, another sit on hands day since price action was very choppy and inside the prior multiple day range with no direction.
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