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 continued to consolidate inside the prior day’s range and show very little evidence of momentum sustaining from the intraday. Narrow range bars provided minimal higher highs and higher lows before testing the previous 2X top area from the intraday.
From a birds-eye view, price action has continued to been in a strong market cycle phase 2 the majority of February 2017 with higher highs and higher lows for an extended period over multiple days and continues to present several LONG setups (i.e. Flag patterns) over the last several days (no reason to SHORT these markets the last few days).
Pre-market Economic news and reports starting to pick up heading into Thursday and Friday.
Pre-market price action on the 5-minute charts is forming lower highs and lower lows heading into the opening bell and inside a flag pattern in the lower 1/3rd of the prior day’s range. We will be cautious heading into the beginning of the trading week.
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