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 maintained near the prior day high area and the momentum from the intraday.
From a birds-eye view, price action found minor support and bounced off the lows (i.e., Phase 2) with a small flag pattern (i.e., Phase 2 that looks short lived) and price action is in the lower 1/3rd of the prior move down.
Pre-market Economic news and reports already began in pre-market with a few occurrences and so we want to be concern for any impact the news causes.
Pre-market price action on the 5-minute charts showing upper boundary of resistance while moving lower inside the prior day’s range and weakness heading into the opening bell.
15-Minute Chart showing another great example of flag pattern breakdown and retest in pre-market.
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