Too Many Damn Setups!
Let me give it to you straight: It’s summer here in Spain, which means temperatures are reaching a minimum of 90 degrees Fahrenhiet (i.e. 33 Celsius) during the day. The nights are super warm here at the coast which is great if you enjoy zipping around medieval city centers on your moto wearing nothing but short pants and a t-shirt. In other words – the last thing I’m into right now is staring at my computer. You guys apparently seem to feel the same as the comment section has been pretty dead today. Which is why I was looking forward to wrapping up the week with an obligatory market update and a bottle of Hefeweizen.
Well, I’m sorry to disappoint you guys (except for the beer lineup) but the market megalomaniac in me simply cannot ignore the plethora of AAA setups on the futures and FX side today. If you want setups the Mole is happy to deliver. So let’s dive right in, shall we? 😉
The E-Mini is gracing us with an inside day period after painting some sort of hammer. I’m also seeing slightly strange plots on the UVOL/DVOL ratio. Finally the NQ is falling today, so that inside period fits the bill on either side of its trigger levels.
Crude – I know we just played it UP but it’s painting a shooting star setup today. Now I have not counted but I’m pretty certain we are in an uptrend here, which means we don’t take shooting star setups. BUT a failed shooting star setup is a different story. So 108.93 is your uncle starting Sunday night.
ZB futures – inside day period and would have been an RTV-L as well had it pushed a bit higher two days ago.
We have plenty of goodies on the FX side today – here’s the EUR/CHF which is bestowing us with an RTV-S as well as an inside day. You know what to do – if not please check the cheat sheet.
More below – please step into my lair:
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I’m wrapping this week up with something educational. So if you ever find yourself in a German beer tent (perhaps in Munich at the Oktoberfest) you know how to strike up a conversation with the locals: