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.
Nothing really interesting going on across my watch lists this morning. As suspected equities have held the line overnight and the ES is currently attempting to breach an hourly NLBL 1962. As you recall a push above 1965 probably puts us back on course for more upside. I have decided to use a gradual approach to manage yesterday’s short campaign. This means reducing short positions on an hourly close above 1962 and taking more off as we push higher.
On an off chance that there’s a another lunch lower I’ll add more short positions below 1960 but I think the odds for the bears have been greatly reduced overnight. As usual there is no selling pressure and this still feels like a regular post holiday correction. FWIW I wasn’t really too concerned with earning an R or two – rather as usual I am looking for entries into longer term moves to the down and of course upside.
Today’s event schedule:
As you can see we have FOMC minutes scheduled for 2:00pm – as usual this ought to be good for stop runs in both directions.
And here’s the spike controller for you Forex traders. Have fun but keep it frosty.
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