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.

Equities have pushed higher yet overnight but my current stop remains at 1.2R for good reason:

I’m happy but a bit paranoid about that divergence on the GBP/JPY which is now extra pronounced. So let’s keep our emotions tight and our stops loose ©.

If any signs of a reversal emerge we should look at our 25-hour SMA for possible support. Or if you want to hedge your current position then perhaps be short (or long puts) below ES 1908.

Crude looking like a good long above 104.37 – my stop would be below the 100-hr at 104.05.

USD/JPY – nice little entry there yesterday if you managed to grab an R or two. We may get another opportunity today – I’m already long right now with a stop below 101.81’5 (changed my mind after seeing that NLSL).

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Cheers,