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.
The only play I see this morning happens to be on the equities side. Nice little stab overnight and we’re back near the 25-hour SMA. A touch of 2008 has be long with a stop below 2006. Caveat: low odds of success here as we may see a more extended shake-out. Which is why I suggest 1/2R exposure only – however, IF we push higher then it’ll most likely turn into a squeeze and it’ll pay off well.
FYI – almost identical setups can be taken on the YM and the NQ – I would suggest the latter. If we get stopped out then a drop to the lower 25-BB near ES 2000 is in the cards. We should know which way the wind blows today shortly after the open. I suggest you watch the Zero for divergences in both directions. See you guys later this afternoon.
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