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 the rally from the prior day’s lows after price action crossed the intraday highs and transition to mini market cycle phase 2 while showing slightly higher highs and higher lows. Notice the angle of the phase 2 is not that steep!
From a birds-eye view, price action completed the mini market cycle W pattern and transition to the beginning of a phase 2 with higher highs and higher lows on the hourly chart and remained above the prior multiple day range-bound area.
Significant number of Pre-market Economic news and earnings reports scheduled to released today, so we should be extremely cautious of price action for the broad markets and the major stock players impacting the broad markets based on earnings hits/misses.
Yesterday, we had a complete 100% intraday healthy reversal at the end of the mini market cycle phase 4 forming a W-pattern with upside momentum.
Pre-market price action continuing to trend upwards near the prior day’s high on the 5-minute chart.
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Took ES 5 Minute Complete Strategy LONG position once price action showed confirmation of closing above the opening bell and showed a reversal with evidence of moving higher on 1-minute chart. Price action slowly moved in our favor before showing lots of overlapping bars and no follow thru…we closed the trade with 0.25 points profit.
Review all of our trades in the Quick Hits For Fast Profits Summary table…