Frightday 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 pullback has continued overnight and habitual dip buying monkeys may wake up to a disappointing morning. The weekly NLBL at 1809 was touched and so was the lower 25-day BB. No real support levels here which is why I’m watching the GBP/JPY for early signs of a bounce.

The real show has been on the Forex side where a positive European manufacturing report threw a curve ball into the ongoing GBP/JPY carry trade, which has recently taken over from the AUD/JPY. As you can see, pretty tight correlation there and the bad news is that I don’t see much in terms of support on the GBP/JPY either.

There is the 100-month SMA which may offer some support – we also have a cluster of weekly NLSLs starting at 167.51. I recommend you watch this pair as well as the spoos as I expect them to move in unison.

On the setup side it’s pretty meager out there – as I mentioned Forex has made big moves but they don’t seem complete just yet and it’s dangerous trying to anticipate. Instead of fretting about ‘having missed a big move’ I would concentrate on collecting information. The tape will tell us when it’s time to jump back in – either to the up or downside. See you guys in a few hours.

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