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