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.
After an overnight sell off equity futures are sitting at the brink this morning. This morning briefing will be a bit unusual as I’m posting daily charts – however I deem it important that you guys know where the inflection points are going into the session. As my buddy Scott pointed out the SPX and the ES are painting what we call a Retest Variation Sell setup – the wave wankers would call it a second wave that’s about to pick a direction. Based on the setup we ought to be short already as the spoos breached yesterday’s low, which is the trigger (depending on how you play it you can trigger it one tick below the low – but that’s a different story).
Based on my Net-Lines however we are just now right at the edge and the fact that the 25-day SMA sits there as well (near 1545) makes this an important inflection point. I would be short below it and long if the spoos magically (you know who you are) recover back above 1549.75.
The YM is lagging a bit behind, so if you wind up missing the setup on the spoos then you can play the same setup here. What I like in addition on both setups is the fact that we got an inside day yesterday – again based on the rules we already ought to be short but based on that short stack of NLSLs you can wait for a drop below 14400 if you’re conservative.
I’ll tack on more setups here as I find them but want to get this post out asap so you guys get to jump into the fray if things start accelerating.
It’s not too late – learn how to consistently bank coin without news, drama, and all the misinformation. If you are interested in becoming a subscriber then don’t waste time and sign up here. The Zero indicator service also offers access to all Gold posts, so you actually get double the bang for your buck.