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 quietly maintained the sideways momentum from the intraday price action and was very uneventful. With price action not retracing much over the last few days, bulls continue to dominate the markets momentum.
From a birds-eye view, price action has been in a strong market cycle phase 2 the majority of February 2017 with higher highs and higher lows for an extended period over multiple days and continues to present several LONG setups (i.e. Flag patterns) over the last several days (no reason to SHORT these markets the last few days).
Several Pre-market Economic news and reports being released today that may impact the markets, so watch with caution today and tomorrow.
Pre-market price action on the 5-minute charts is already showing strong evidence and momentum with higher highs and higher lows heading into the opening bell. Pre-market price action already crossed above the prior day’s highs after several flag patterns.
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With price action opening above the prior day’s high we waited for confirmation ont the 1-minute charts of price action moving higher after the opening bell, however, price action remained below the opening bell and with no momentum to the upside we had the weight-of-evidence to sit on our hands today.
Review all of our trades in the Quick Hits For Fast Profits Summary table…
Extra Trades: none