Massive Monday 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.
It’s going to be a busy day – I got more setups this morning than I can shake stick at. Scott pointed out a possible bounce play on the ES/SPX this weekend and here is a bit more context if you want to monitor the hourly panel. The 25-day has now swung below price and if it holds into the open then that should be our line in the sand. A drop lower may bestow us one more scare to lighten the bus.
A bounce may indeed materialize but thus far the GBP/JPY correlation looks pretty meager. However, judging my last week’s push detachment I’m giving it a bit less credence this week.
But the real fun is happening on the futures and forex side this morning. Crude dropped like a rock all last week and we’re now near the lower 100-day BB. On the hourly I want to be long with a stop below 97.5. If you want to play it more conservatively put your stop below 97.05 (last week’s low).
USD/JPY – very juicy formation and I want a piece of the action. Triggers are on the chart – a short play is possible on failure but I think the 100-day SMA will be where the fun ends, so keep that in mind.
But we’re just getting warmed up – please step into my air-conditioned super luxury lair:
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Today’s event schedule:
And here’s the spike controller for you Forex traders. But please put on your sunglasses to protect your eyes – the poor girl has suffered a massive make-up accident (or is the lighting?).
You have been briefed – now have fun but keep it frosty. See you guys later this afternoon.