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 continued to exhibit weakness overnight and we’re trading near we started yesterday morning. I actually prefer the context on the NQ right now as we’ve got a solid NLSL on the daily that thus far has managed to stick.

The hourly panel shows a very nice slowly rising diagonal below the 100-hour SMA and the 25-hour is about to cross over. This is not looking good but there is a very brief opportunity to be long here with a stop below 4438. Below that diagonal we are looking at a slide lower, especially if we breach through 4430. As usual this isn’t going to be easy but I plan to be long right here with my stop and then flip for a short position below 4434. Yes, definite whipsaw potential which is why I’m only attributing 1/2R.

Crude – waiting for a drop toward 50.6 – then long with a stop below 50.4.

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Event risk: We got the bank of Canada announcing their interest rate decision – so if you’re trading any CAD related pairs be nimble or better wait it out unless you are already in a solid campaign. We also have the U.S. February ISM numbers on the roster – always good for a little shake out.

Cheers,