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.
The Easiest Way To prepare for Scalp Trading the ES E-Mini Futures.
Price action oscillated in the lower 1/3rd of the previous intraday range as momentum continued the multiple day mini market cycle phase 4 after the breakdown of the support area (i.e., orange consolidation area). The 20MA continues to move methodically lower as it remains below the 200MA heading into the pre-market and opening bell.
Pre-market Economic news and reports…
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After the opening bell, price action was extremely choppy with overlapping candlestick bars and extreme volatility. We decided to sit on hands during the first hour and wait for more weight-of-evidence and confirmation of better market conditions.
Mini Market Cycles Analysis: