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 continued the strong multiple day mini market cycle phase 2 momentum with higher highs and higher lows yesterday. After hours saw price action retrace off the intraday highs during overnight and cross below the 20MA. Price action retested the intraday high area and found resistance heading into the pre-market and opening bell. The 20MA continued to converge slightly upwards and above the 200MA.
Pre-market Economic news and reports…
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After the opening bell, price action was very choppy with excessive overlapping bars and very little direction. Considering the previous multiple day uptrend, and resistance area above, we decided to sit on hands during the first hour.
Mini Market Cycles Analysis: