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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Pre-market Economic news and reports…
Today price action opens and consolidates above the opening bell on the 1-minute charts before rolling over and moving lower below the opening bell. We waited for confirmation that price action would remain below the opening bell.above the prior day’s high, but remained below the opening bell all morning, and consolidated with very little momentum.
We took an aggressive SHORT trade and patiently waited as price action did not show a lot of follow thru for 10+ minutes. Price action finally went in our favor and we took 1+ point profit.
Notice how long the markets took just to barely move 1.5+ points….clearly, markets are challenging with no direction.
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