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 lost some of it’s momentum from the late-day Friday session and after hours as price action continued to stay in the upper 1/3rd of the intraday days range near the intraday high. Sunday evening’s price action also showed initial signs of momentum holding.
From a birds-eye view, price action rolled over with a mini market cycle transitioning with lower highs and lower lows. Multiple flag patterns overnight and in pre-market showing a continuation of the downtrend in the mini market cycle.
With price action inside the prior day’s range…we will watch the markets with caution until we see more evidence of swing pivots being tested.
Pre-market price action trying to complete the downtrend after multiple flag patterns heading into the opening bell. No Economic news to be overly concerned about this morning and in pre-market the 5-minute chart show a very good representation of the Market Cycle and each phase.
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Took a quick SHORT position once price action formed a lower high under the opening bell on the 1-minute chart and price action slowly go in our favor…we took 3.0 points profit.