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 inside the prior day’s range after intraday price action probed higher. Price action is finding an upper boundary of resistance with multiple tops over the last couple days.
From a birds-eye view, the last few days price action has been range bound with an upper boundary of resistance.
Notice price action remains in the upper half of the multiple day range.
Several Pre-market Economic news and reports schedule for today and Wednesday that can impact the markets, so be cautious with trades and stop management.
Pre-market price action on the 5-minute charts has retraced to the hotzone of the intraday price action with lower highs and lower lows. With momentum showing weakness and a small flag pattern forming heading into the opening bell, we will be cautious as the upper boundary of resistance continues to hold.
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Price action finally started to show momentum after crossing below the opening bell and with lower highs and lower lows on the 1-minute chart we took the ES 5 Minute COMPLETE Strategy setup SHORT. Took 2+ points profit.