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.
Welcome back to the jungle. I have a whole bag of goodies for my steelrats today, so let’s dive right in. Here are the spoos which are looking positive right now – we are above a cluster of hourly Net-Line Sell Levels (noobs: NLSLs) and above the 25-hour SMA. I think as long as we hold the 25-hour today we should be good for a stab higher, so watch that 1376 cluster.
Gold – very interesting as it’s wedged between a Sell and a Buy Net-Line. There’s also the 25-hour SMA. So I would make that the line in the sand (short term of course) and use breaches of the Net-Lines to trigger a trade. Unfortunately the NLBL is about to expire in an hour.
The greenback is hugging its short term support line – definitely my line in the sand. Surprisingly it’s not weakened (yet and much), so let’s see how this plays over on the equity side.
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This entry was posted on Monday, November 12th, 2012 at 9:14 am. Both comments and pings are currently closed.