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 started the new year rallying off the year-end lows with higher highs and higher lows. Pre-Market price action already shows signs of strength with breaking the intraday highs from Friday and an upper boundary of resistance.
With price action showing multiple higher highs and higher lows, we will watch patiently for any evidence of momentum and using the market cycle analysis, to find trading setups to start the new year.
Pre-market price action slowly retracing lower on 1-minute chart heading into the opening bell.
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Took a LONG position once price action showed evidence of an uptrend on the 1-minute charts and crossed the opening bell and we took 2.25+ points profit.