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 consolidated near the intraday lows after price action provided us with a complete mini market cycle. Price action found minor support at the intraday lows and remained there until the morning session, where it found some minor momentum. Yesterday’s price action moved intraday and open and closed in the same vicinity.
From a birds-eye view, price action formed a lower high based on yesterday’s mini market cycle high and retested the prior phase 1 (i.e, W-pattern), hence price action remained inside the prior mini market cycle.
With price action slightly inside the lower 1/3rd of the prior day’s range…we will watch the markets with caution until we see more evidence of swing pivots being tested.
Pre-market price action trying to move higher with higher swing pivots and forming a nice retracement and flag pattern heading into the opening bell. Minor Economic news and events to focus on this morning, but will start to see more earnings releases impacting stocks and sectors.
In pre-market, the 5-minute chart showing an extended range bound price action in the lower 1/3rd of the prior days range.
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Took a quick position LONG once price action open and went below the opening bell and then crossed back above it on the 1-minute chart. Price action stalls and consolidates with slightly higher highs and higher lows for several minutes so we close the trade…we took 3.5 point profit.