Friday 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.

The spoos have held their ground overnight and we’re now back a few ticks above the still falling 25-hour SMA. That’s short term bullish although due to the lack of context I have a hard time picking an entry here. I suggest you look for an hourly candle pattern – e.g. hammer, inside period, failed shooting star, etc.

Recall that today will determine whether or not we close below the weekly NLSL at 1665.75. A pop higher would be a score for the bulls – at minimum diminishing medium term bearish potential.

The NQ kissing its own 25-hour as I’m typing this – as it’s usually the more bullish of the two I’m looking at this one for early signs as to which way we’re swinging.

Soybeans – I know your favorite contract 😉 Anyway, it’s in a good spot as it’s testing its 25-hour and there’s a NLBL right above. So a breach above the NLBL or a drop below the 25-hour may be good ST entries.

I’m staying out of FX this morning until after 9:55am EDT when any volatility sparked by the Michigan CSI has dispersed. But I have two very nice futures setups for my intrepid subs:

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Cheers,