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 continued to consolidate above the opening bell and near the prior day’s intraday highs after minor rallies in both directions yester. Markets continued to be choppy and provide unfavorable trading conditions for most traders. Good time to preserve and protect your capital.
From a birds-eye view, price action continues to be range-bound for 10+ consecutive days with fast and very aggressive mini market cycles. Yesterday’s price action created a very tight intraday range.
Today, even with several Economic reports and news in pre-market, markets are not responding.
With price action inside the prior day’s range and inside the multiple day consolidation area, we will watch the markets with caution until we see more evidence of swing pivots being tested.
Pre-market price action continues to be very calm and testing the prior days high area and the 5-minute chart is consolidating with no direction as of yet.
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Lots of overlapping price action and no direction on 1 & 5-minute charts, so we will sit on our hands today!