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 remained in the “hotzone” of the prior day’s range and momentum from the intraday stopped forming lower highs and lower lows.
From a birds-eye view, notice we recreated the W-pattern based on price action extending the retest of the lows from the previous market cycle phase 4. This establishes a new neckline (i.e., 2375.75 area) and the most recent price action now is retesting the neckline area. (see image for Chart Formation – W pattern)
Pre-market Economic news and reports ending the week with a few opportunities for the markets to react accordingly.
Pre-market price action on the 5-minute charts showing no clear direction by consolidating inside the prior day’s range.
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