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 continues to retrace back to the middle of the prior days range and remains inside a multiple day range-bound area.
From a birds-eye view, price action continues to be range-bound for 13+ consecutive days with very aggressive mini market cycles. Monday’s price action probed below the lower boundary of the multiple day range-bound area and aggressively bounced back up in late day session.
Minor Economic news in pre-market and regular hours not expected to significantly moved price action.
We will watch the markets with caution until we see more evidence of swing pivots being tested.
Pre-market price action showing slight signs of higher swing pivot lows with lots of overlapping bars and the 5-minute chart is consolidating with upwards momentum starting to show.
Continuing to watch VIX at extreme levels for potential changes in momentum.
|Sorry, you do not have access to this content.|
Lots of overlapping price action on the 1 & 5-minute charts…so we will preserve and protect our profits and sit-on-hands today.
Notice the markets continue to be stuck in the multiple day range-bound area with no clear direction of an uptrend or downtrend.
Review all of our trades in the Quick Hits For Fast Profits Summary table…