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 consolidated yesterday during normal trading hours and found minor support before crossing back above the 20MA heading into after-hours. Momentum continued during after-hours and overnight as price action crossed above the prior day’s high and remained heading into the pre-market and opening bell. The 20MA started converging upwards towards the 200MA as price action transitioned to a mini market cycle phase 2 uptrend.
Pre-market Economic news and reports…
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Pre-market price action retraced heading into the opening bell. After the opening bell, price action was very choppy and with the FOMC 2-Day meeting underway, we decided to sit on hands during the morning session and wait for more favorable trending market conditions.
Mini Market Cycles Analysis: