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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Pre-market Economic news and reports…
Overnight price action consolidated above the prior day’s high. Price action began showing weakness by moving below the opening bell on the 1-minute charts with no real follow through or weight-of-evidence to support the momentum downward.
Notice price action was inside the prior day’s range in the upper 1/3rd, so the weight of evidence is very conflicting!
Higher time frames in mini market cycle phase 2, so decided to sit on hands.
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