Tuesday 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.

Price – our final arbiter of truth in the market – has spoken. In the wee hours of the E-Mini session we painted new highs and that now puts the ball back in the bull’s court. Going forward keep an eye on that 25-hour which ought to be holding if a short squeeze is to ensue. Only a drop through 1481.75 would give the bears another lease on life – at least for now.

Absolutely stunning setup on gold right now – I’ll be long on a breach of that 100-hour. Short only if we drop through that NLSL at 1578.4 plus the 25-hour SMA.

USD/JPY gyrating a bit lower and I’m curious as to what it’ll do at that 25-hour SMA, which btw is now starting to drop. Better get out of the gate or be pulled back to that 100-hour or worse.

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