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 in the lower 50% of the prior day’s intraday range and continues to provide weight-of-evidence of a downtrend with lower highs and lower lows.
From a birds-eye view, price action has continued the downtrend of the market cycle phase 4 with lower highs and lower lows over the last several days.
Pre-market Economic news and reports were previous minimal and now later in the week are expected to increase in volume and may start to have an impact on the markets, but trade with caution since price action is still in the all-time highs area.
Pre-market price action on the 5-minute charts has crossed back above the prior day’s low and is building momentum heading into the opening bell. Since price action found support, we are starting to see a 2X bottom in pre-market and a prior swing pivot high broken.
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All morning price action consolidated above the opening bell, however our pre-market analysis already showed we were in a market cycle phase 4 downtrend with lower highs and lower lows. We took an aggressive trade SHORT once price action crossed the opening bell. Took 2+ point profit.