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 inside the prior day’s range from Friday.
From a birds-eye view, price action has formed a multiple day triangle pattern, and Friday’s price action broke above the upper boundary and failed to move higher. This normal pattern of flag pattern breakout and retest occurred with price action testing the descending line from the high of the market cycle and triangle pattern.
Pre-market Economic news and reports ver minimal today and expected to increase as we get further into the week.
Pre-market price action on the 5-minute charts has been consolidating inside the middle of the prior day’s range and we are watching for evidence of multiple pivots being broken in either direction.
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