Monday 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.

Let’s face it – there IS no substitute for the nefarious Mole – but we do appreciate the Convict’s weekend contributions all the same. Something that caught my attention this morning was the newest stacking pattern on the VIX. I kid you not – it has the exact steepness of the previous one, which makes me a bit suspicious (but admittedly that is my nature).

So yes, let’s talk about equities, shall we? The current trend is either waning or it’s another shot at the old bear trap. It’s not clear at this point and admittedly once it is it’ll probably be too late, as usual. So we have to go by the charts – or if you have ever stepped foot into a boxing ring – roll with the punches. What we do have right now is a failing 25-day SMA – plus we are sneaking past a just expired NLSL. Not bullish by any measure – and then there’s this:

On the spoos we did trigger an RTV-S on Friday and the trigger is 1682.25 (wrong on the chart – we need one tick below the low) – which we are below of right now. If you missed it then use any pull backs today to grab a few contracts. The stop for this campaign is at 1696.50 – again one stop above Friday’s high.

Crude is currently chewing on its 25-hour and given that it’s attempting to overcome its rising 25-day this is a good inflection point. I would prefer to see a LKGB setup – those are more fun. But I take what I can get! 😉

Cable at its 100-hour SMA – I would be long above the 25-hour and short below the NLSL at 1.5464.

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Bonus chart:

E-Mini scalp signals last Friday courtesy of the Zero indicator. What – you are not subscribed yet? Tisk tisk 😉

Cheers,