Friday 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.

You’ve probably have heard the old expression: Crap or get off the pot! Once again that would be my advice to the bears – you’re about to strike out – yet again. Heck, I can almost smell the odor of lost dreams and opportunities. Lookie here now – that daily NLSL on the E-Mini is about to expire and still prices are hanging on. That 100-hour is back in play and if prices manage to crawl back over the hourly Maginot line then we all know what comes next.

In the past two days I’ve heard way too many voices opining on an impending drop and that makes me a bit uncomfortable. Yes, it definitely is still in play right now but what too many people ‘know’ is usually not worth knowing and I must assume a neutral stance here. Let’s use that 100-hour as our line in the sand – we are but a bagel throw away and price will soon point the way. I’m short until 1545 – anything above is bull territory. Don’t get run over by the stampede if it gets out of the gate.

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Cheers,