Mad Monday Morning Briefing
Welcome to our morning briefing. Here we are reviewing short term setups ahead of the NYSE opening bell. If you are a scalper or swing trader then these setups may be of interest to you. As usual keep in mind that these are short term setups although they could be used as early entries for more longer term positions.
Put your game faces on folks, judging by this morning’s activity it looks like we’re going to have a busy week. Equites are now near the make or break point. Short term this is an awesome opportunity to be long with very little risk. Simply put your stop below the 100-hour SMA. If we drop through it we may bounce back bear trap style but the bullish case would be extremely vulnerable. We don’t have a crystal ball but the odds are good here. Even worth being stopped out once or twice – so keep your position size small and build it it up as you go.
In case you wonder – yes, being short below the 100-hour is encouraged if we drop below it. But there will be attempts to reconquer it and unless your stop is above 1890 odds are you will be swept. No exact science – it depends on your trading style. But this is a major inflection point that will determine the direction for the coming weeks.
Similar view on the NQ but not as dynamic – the 100-hour is now pushing sideways which means it can serve as the line of scrimmage to kick this thing higher. If it fails the bulls will find themselves in a world of hurt.
Oh how much I wish this setup would fail but much to my chagrin it’s looking very very good. So I’m long here with a stop below the now rising 100-hour.
Quite a bit more waiting below the fold – secret decoder ring required:
It's not too late - learn how to consistently bank coin without news, drama, and all the misinformation. If you are interested in becoming a subscriber then don't waste time and sign up here. The Zero indicator service also offers access to all Gold posts, so you actually get double the bang for your buck.
You have been briefed – now have fun but keep it frosty. See you guys later this afternoon.