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 showed early signs of weakness after the long holiday weekend and crossed below the prior day’s lows before retracing back upwards.
From a birds-eye view, price action continues to be range-bound for 6+ consecutive days with very aggressive mini market cycles. Yesterday’s holiday based price action should be analyzed with caution.
Today, Economic news in pre-market will be a non-event with minimal releases today.
In pre-market, the 5-minute chart is choppy with price action rallying off the pre-market lows, however with no direction as of yet.
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Price action started to show weakness on the 1-minute charts, but very choppy so we are sitting on our hands today!