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 continued to show weakness and momentum downward and breaking the intraday lows before finding some minor support. Price action then broke back above the intraday lows and multiple swing pivot highs to start a retracement of the prior day’s range.
From a birds-eye view, price action did retrace almost towards the same levels of the prior swing pivot swing pivot lows in the same area from a day ago. We continue to see the multiple day mini market cycles with higher highs and higher lows over the last few trading days.
With price action slightly inside the lower 1/3rd of 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 move higher with higher swing pivots and forming a nice retracement and flag pattern heading into the opening bell. No Economic news to be overly concerned about this morning, but will start to see earnings releases that may impact individuals stocks or sectors.
In pre-market, the 5-minute chart showing an extended flag pattern with higher swing pivot lows.
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Took a quick SHORT position once price action formed a lower high under the opening bell and the prior days lows on the 1-minute chart. Price action stalls and consolidates with no follow thru for several minutes so we close the trade…we took 0.5 point profit.