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 rally after the healthy retracement and continued to show momentum with an extend intraday range.
From a birds-eye view, price action had clear weight-of-evidence of a phase 2 in the market cycle with higher highs and higher lows. With the prior phase 3 providing an upper boundary of resistance, we will watch the current phase 2 to see if the momentum is strong enough to retest the area and/or break it.
For a second straight day, Pre-market Economic news and reports full of opportunities for the markets to react accordingly.
Pre-market price action on the 5-minute charts showing early signs of retracing with slightly lower highs and lower lows heading into the opening bell. However, price action remains in the upper 1/3rd of the prior day’s range.
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