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.
We’ve had a laundry list of headline risk this week and today is no exception. By the time you read this we’re probably in the midst of absorbing the shockwaves of the monthly unemployment rate for April.
The spoos have been treading water after being unable to push through the wall blocking bull heaven territory which lies beyond 1880. I expect some wild swings around 8:30am EDT, so don’t get positioned until things have settled down. A drop lower may be defended near that 100-hour SMA, so we’d be talking around 1872. If it happens check the Zero Lite for signs of long interest (i.e. bullish signal divergence).
Platinum is looking very interesting here as it’s forming some type of inverse H&S near its 100-hour SMA. I would take a long above 1428 with a stop below the SMA.
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