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.

Here’s yesterday’s E-Mini session via the Zero indicator. It was a pretty smooth session and the Zero Lite was pointing the way right from the get-go. The are usually early signs of a squeeze – often it’s preceded by a sell-off session, the tape picks up where it left off despite having plunged lower overnight, and the Zero signals spikes higher in the first 30 minutes of the NYSE session. From there it’s usually one big squeeze into the close. Very entertaining to watch and if you were loading up on short positions the day earlier you found yourself in a world of hurt. Didn’t I mention a day or so earlier that I was anticipating the possibility of monkey business? 😉

Post squeeze the spoos have settled down a little and are traversing a now completely horizontal 100-hour SMA. The 25-hour is rising from below and we’ll probably see at the beginning of the NYSE session if it’s good for a lift higher. Strictly short term speaking I would be long above the NLBL and short below the 25-hour SMA.

However there are considerations on the daily perspective as well which I deem noteworthy and I’ll cover it this morning so you guys are fully prepared heading into the day. Yesterday’s run higher breached the Wednesday shooting star’s high and thus triggering a Failed Shooting Star as well as an RTV Buy trigger at exactly 1632.50. Again, that’s a daily setup and since we’re trading back below it right now you will most likely have a chance to jump into the fray should we proceed higher.

Purely technically speaking we also now have an RTV Sell setup with a trigger at the 1590.75 NLSL. So if the tape continues to whipsaw all over the place we now have at least two inflection points to hang our hats on. Anywhere in between I suggest you stay the heck away and let this play out, unless of course you enjoy playing the swings.

The NQ in a similar configuration as the spoos and the 25-hour is also rising from below, thus wedging price between two inflection points. This ought to get interesting!

Now on to the Forex side – we have a ton of setups today – here’s cable, our first runner up. Nicely retesting its 100-hour SMA with a NLSL right below. Good inflection point and the rough triggers are shown on the chart.

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Cheers,