Let’s See If This Real

The tape is moving fast and I’ll start with a quick update on the equity side after which I’ll tack on a few setups as I go. So in retrospect we’re looking pretty sharp today having exited at 1793.25 as we’re touching 1782.5 as I’m typing this. Yup, sometimes those pesky rules actually pay off!

As I already mentioned, since I took this snapshot we’ve dropped a bit lower and it now seems that those hourly NLSLs (1) are actually in play. On the daily you see possible support in the form of a daily NLSL at 1777.25. If that one gives we probably go to the next one which is near the 25-day SMA – roughly around 1758.

My favorite setup today is also on the equity side but sorry folks – I’ll have to keep it for my intrepid (and paying) subs. If you’re interested in a Gold membership then here’s where you go.

Quick update on wheat – after weeks of getting the literal crap kicked out of it the Mole nailed the first real green candle (the other two are a doji and a glorified hammer). Not a bad entry there this morning at the diagonal which just so happened to produce a NLBL. I’m not sure if this is the beginning of a reversal but I would put my stop below that diagonal now and then just wait and see. P.S. I’d bet good money that nobody took this one – wheat is not exactly a chart topper on the futures side.

Another freebie before I drop below the fold – crude is painting a nice RTV-L today and as of right now tomorrow’s trigger is at 94.11. Stop would be one tick below today’s lows.

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Cheers,