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.
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Overnight price action continued to show strong momentum from the mini market cycle phase 2 uptrend with higher highs and higher lows from the prior trading day. Price action crossed above the prior day’s high heading into pre-market and the opening bell.
With congruency across multiple time frames, price action getting close to testing all-time highs area.
Heading into the pre-market, price action retraced in a flag pattern heading into the opening bell.
Pre-market Economic news and reports…
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After the opening bell, price action oscillated around the opening bell with no direction and continued to be inside the pre-market flag pattern as it retraced on the 1-minute charts.
From the birds-eye view (i.e., 15-minute charts) we continue to be in a multiple day mini market cycle phase 2 with multiple flag patterns.
For ultra-aggressive traders, during the first-hour session, there was no aggressive entry that could lead to quick small profits.
For traders focused on higher quality trading, there were no good candlestick or chart pattern setups for quick profits.
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