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 rallied off the intraday lows and the multiple day lower boundary back towards the opening bell and intraday highs.
From a birds-eye view, price action continues to be range-bound for 11+ consecutive days with very aggressive mini market cycles. Yesterday’s price action did probe down towards the lower boundary of the 11+ day range.
Minor Economic news in pre-market not expected to significantly moved price action.
Similar to yesterday, with price action inside the prior day’s range and inside the multiple day consolidation area, but near yesterday intraday highs, we will watch the markets with caution until we see more evidence of swing pivots being tested.
Pre-market price action very calm and testing the prior days high area with lots of overlapping bars and the 5-minute chart is consolidating with no direction as of yet.
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Took a position LONG once price action showed evidence of crossing the prior day high. Price action continued with strong momentum higher…we took 2.0 point profit.