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 consolidate near the Friday intraday lows. We noticed price action attempted to break above prior swing pivot highs after a double bottom in price action found minor support. The failed move upward without a continuation is showing more evidence of weakness. The 20 MA continues to be below the 200 MA and we are also seeing lower daily highs. Pre-market price action trying to build some minor momentum heading into the opening bell.
For ultra-aggressive traders, we identified several quick hit scalp trades, and most of them generated some easy profits. For traders focused on higher quality trading, we did not have any significant setups based on strong trending conditions and decided to sit on hands.
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