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.

Starting to look ugly on the equities side. The cylinders are still pumping and unless we’re seeing some aggressive buying this thing is going to fall off the plate. My trigger for the short side remains at 1760. Yes, good chance I may get whipsawed a little – 1780 is where I would start scaling back into longs.

The GBP/JPY is congruent at this point – meaning it’s also pointing down. Once again I strongly suggest you watch this pair as well.

Nothing really exciting going on today – I do like GBP/CHF here if it pushes above the NLBL at 1.48877. My stop would be sitting below the 100/25-hour SMAs which are entangled. Catch you guys in a few hours.

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Cheers,