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.

The spoos are back at the 100-hour this morning – I do like the extra support courtesy of that hourly NLSL at 1548. Great spot to get positioned. Caveat – the 100-hour has been a bit soft as of late so use that NLSL only.

Things are looking a bit more solid on the NQ as we have a whole congestion zone of Net-Lines to offer potential support. Suffice to say that if it gives we will slide lower and retest yesterday’s lows.

Nice setup on the AUD/CAD – it’s back at its upper 25-hr BB plus it seems to be painting some sort of sideways flag – great for either a break out or failure play. And to sweeten the deal there’s a brand spanking new NLBL for extra resistance. If it manages to breach above all that then we’ll see upside acceleration. Until then I must expect a stab back lower.

USD/CAD – that 25-hour appears to be impenetrable thus far – I would not be long until a breach of that 1.0208’8 NLBL.

AUD/NZD – retesting its 100-hour – would love to see a long breach here frankly. But what I want and what I get are usually two pair of shoes 😉

Love wheat today – it’s coiling up around its 100 plus its 25 hour SMA. This should be interesting!

Soybeans – almost the same setup – just better – could go either way.

Natgas appears to be in a early session rise / late session slam down rhythm. Let’s see if we get the slam down here near those two SMAs.

Ole’ bucky is putting up quite a fight lately – back above the 100-hour as well as the 25-hour. Go bucky go!!

Before you run off – please make sure you catch up on the second part in our Banking System 101 series which Peter posted last night.

Cheers,