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 are slowly making their way higher and I’m now moving my trailing stop near the 3R mark. So far so good and we just pushed through a daily NLBL at 2106.75 – if we can hold it we may be able to climb higher here. However, I must admit that I remain rather skeptical here – so far every attempt to breach the 25-day BB has failed. So if we get to 2130 I’ll probably cash out – unless I see a LOT of momentum accompanying the advance. Which means I’ll be watching the Zero like a hawk – and so should you.

Silver – boy it’s been some tough tape here and it’s not an easy contract to begin with. I’m grabbing a tiny long position here as we’re near reasonable support.

Unfortunately that’s all I got for this morning – both forex and futures are running in circles (major retraces in the works) and I’m laying low until I see signs of life. Catch you guys later in the session.

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Cheers,