Wednesday 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.
Although the tape is ‘feeling’ bearish we are still racking up higher lows and higher highs. Our new technical crutch – the diagonal trend line as shown on our volume profile chart – is proving to be valuable as it’s now coinciding with the underbelly of our two short term Bollinger bands. I think roughly 1459.5 is today’s inflection point.
Gold starting to lose momentum again – I’m looking for a touch of ~1672.5 where I would be long until about 1671. From there a retest of the 100-hour gets me into a short position. Of course as usual you can play this on your own terms employing your own stop logic. I’m just pointing the way here.
Ole’ bucky showing signs of life – oh how I wish it would last. Nevertheless I’m thinking long here on a retest of the 100-hour. Unfortunately it’s still dropping thus I would have to hold my original stop with discipline. Fortunately the 25-hour is starting to rise so it’s also possible it’ll lift above the 100-hour before we see a retest (which I would be surprised not to get). So keep this in mind and use that one should the ole’ greenback manage to hold momentum for a few more hours. Of course we should be short if we see a breach below both ST SMAs.
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