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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Overnight price action continued to maintain the momentum from the strong reversal and rally from the normal trading day. With a series of higher highs and higher lows, price action remained in the upper 1/3rd of the prior day’s range near the prior day’s high area. The 20MA continued to converge upwards away from the 200MA heading into the pre-market and the opening bell.
Pre-market Economic news and reports…
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After the opening bell, price action consolidated in a tight range during the first 60+ minutes, and so we waited for additional weight of evidence and momentum to indicate a direction. We patiently sat on our hands during the first hour.
Mini Market Cycles Analysis: