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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Price action continued the multiple day mini market cycle phase 2 with higher highs and higher lows. Momentum continued to cross above prior day highs as price action converged with the 20MA remaining strongly above the 200MA. Pre-market price action retraced off the overnight highs in a flag pattern and remained in the upper 1/3rd of the Fibonacci retracement of the initial move.
Pre-market Economic news and reports…
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After the opening bell, price action continued to move towards new intraday highs as momentum shifted to a mini market cycle phase 2 on the 1-minute charts. We waited for confirmation of the higher swing pivot low and flag pattern breakout. We took an aggressive LONG entry and micro-managed the trade for 2.0+ points profit.
Mini Market Cycles Analysis: