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 from the weekend rallied to test Friday’s highs area and found minor support resistance after a 3X tops.

From a birds-eye view, price action continues to form nice mini market cycles and currently is transitioning to a Phase 4 after the Phase 3 area neckline has been broken.

Pre-market Economic news very minimal for the start of the week, however more news releases expected to pickup in the middle of the week.

Yesterday, price action consolidated in the Phase 3 area of the mini market cycle with upper boundary of resistance and lots of overlapping bars and no clear direction.

Pre-market price action starting to show weakness as price action moves lower with lower highs and lower lows with several flag patterns on the 5-minute chart.

So we watched our ES 5 Minute Complete rules and Market Cycle Analysis conditions for more evidence of setups from Candlestick analysis, chart formations and patterns and price action.

Explanation:

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Price action consolidated of 45+ minutes with lots of overlapping bars on the 1-minute chart so we will sit-on-hands today.

Price action slowly moved upwards above the opening bell, but the range is extremely small and too difficult for trying to capture 2+ points!

Review all of our trades in the Quick Hits For Fast Profits Summary table…

Extra Trades: None needed.

Note: You will have access to the commentary details if you register for our 2017 Scalp Trading MasterClass training program, or our ES LIVE Trading room. or Quick Hits For Fast Profits program.5-Next