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.

I am seeing crucial breaches of short term inflection points all across the board this morning. Here is the E-Mini which is now trading below the 25-hour and 100-hour SMA. It seems that the 100-day and 25-week SMA combo was a bit much to overcome after axing any remaining short interest during the annual Thanksgiving week bear raping.

We are now below the inside day trigger at 1395 and I’m effectively short with a stop a few ticks above. Things are moving fast right now so I’ll better be quick:

This was gold just a few minutes ago and I was about to suggest a short position. And then this happened just now as I was typing my post:

Ooops… I must apologize. I accidentally hit that red button on my trading console with my elbow. Seriously now – I have no idea what happened there but I’m miffed as hell (trying to be polite here) that I didn’t put up my post earlier.

Same with silver – that setup just went to hell in a handbasket. Impossible to catch – you would have had to be short already which was not the preferred setup just 15 minutes ago.

AUD/USD actually just gave up the 100-hour SMA, so we could be switching to a short here if she lingers below.

The greenback is still looking good so don’t waste time. My stop is below the 100-hour SMA.

Quite a bit of movement across the rest of the FX sector but most setups have run off at this point. No sense in chasing and we’ll stick with looks good right now.

Cheers,