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 crossed below the prior day’s lows from Friday. With the Market Cycle phase 3 identified a couple days ago, we have seen price action slowly move downward in a non-continuous manner in the phase 4 over multiple days with lower swing pivot highs.

Notice with markets so sporadic, we are having to adapt to price action moves more frequently based on changes in swing pivots being broken.

From a birds-eye view, mini market cycles are completing quite frequently and over the last several days, price action is actually been sideways range-bound with a 2X top and we have to patiently wait for more evidence of a higher timeframe trend or breakout.

Pre-market Economic news and reports beginning the week very light and not expected to have much impact today. Broad markets may be starting to show signs of exhaustion with Dow and S&P having potential 2X tops.

Pre-market price action on the 5-minute charts are inside of a retracing flag pattern underneath the prior day’s low heading into the opening bell.

So we watched our ES 5 Minute Complete rules and Market Cycle Analysis conditions for more evidence of setups from Candlestick analysis, chart formations and patterns and price action.

Explanation:

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With price action consolidating and very choppy on the 1-minute chart, and divergence in volume, once price action closed above the opening bell on the 5-minute charts, took aggressive countertrend trade with LONG entry. Took 2+ points profit. 

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Extra Trades: 

Finally price action rolled over after being above the opening bell most of the morning and started forming lower highs and lower lows. Took an aggressive SHORT with stop above the prior swing pivot high. Price action immediately went in our favor and we took 3+ points profit.

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