Thursday 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.
Some overnight recovery in the spoos after yesterday’s late session sell off – it hasn’t reached the 100-hour SMA yet and I don’t see anything else of value nearby. What however is interesting is that we touched the 100-day SMA and then bounced back.
Of course I know what’s going through your brain right now: Does this mean the current correction has run its course? Frankly speaking there is no way of knowing at this very moment (and if anyone’s telling you something else they are guessing). The 100-hour SMA should give us early clues as to whether the bulls are interesting in buying here – it’s nearby, has been observed before, and thus should be our inflection point until further notice.
Yesterday’s brief spike produced a new short term resistance line on platinum. I intend to make use of it if we get close again – apparently a powerful seller there is attempting to keep a lid on things.
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