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…
With the long weekend, we waited for the morning sessions to provide at least 15 minutes of price action before we start serious analyzing the markets. Economic news jolted the markets immediately after the opening bell and we waited for the markets to digest the news.In after-hours, the markets consolidated inside the prior day’s range.
Overnight price action showing early signs of a mini market cycle phase 4 with lower highs and lower lows (i.e., multiple flag patterns) while price action crossed below the prior day’s low. Once price action settles down, we had an anomaly with news and then price action rolled over, crossed back below the prior day’s low and below the opening bell on the 5-minute charts.
Markets very choppy, decided to sit-on-hands.
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