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 consolidated near the intraday lows and continues to be in a multiple day range-bound area.
From a birds-eye view, price action continues to be range-bound for 12+ consecutive days with very aggressive mini market cycles. Friday’s price action remained in a very tight range smaller than the multiple day range-bound area and in the lower 1/3rd of the multiple day range-bound area.
Minor Economic news in pre-market not expected to significantly moved price action.
We will watch the markets with caution until we see more evidence of swing pivots being tested.
Pre-market price action very choppy with lots of overlapping bars and the 5-minute chart is consolidating with no direction as of yet.
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