Boring Thursday 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.
Things are pretty flat out there right now and the only short term setup that caught my interest this morning is the NQ which however is a pretty nice one. First up we’ve got increasing Bollinger compression here as the 100-hour is closing in after three sessions of sideways churn. It’s sitting right on top of its 100-hour SMA and the 25-hour is swinging up to meet it in a few hours. Finally price are closely flanked by a NLSL and a NLBL – pretty sweet!
I’d be long here on a breach of 3,356.5 with a stop below 3,347.75 – short on a drop through 3,342 with a stop above the 100-hour SMA. I can’t guarantee you it’ll take off today but it’s a good inflection point and that’s the best we can hope for.
FYI – stay out of Pound related FX trades around 12:45pm EDT today. And tonight at 7:30pm we’ve got the Japanese CPI numbers – that ought to be good for a few wild swings.
Before I go here’s a little goodie. The AAII Investor Sentiment Survey now bears the third most bearish reading in eight years. Alright, see you guys in a few hours.
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