Looking A Bit More Productive

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.

At least the sideways tape from hell we’ve had to endure for the past few sessions is starting to bear fruit as we now can establish a clear and present horizontal resistance line near 1687.5. Unfortunately any tape in between is only good for swing trading and for that I refer you to our trusted Zero indicator:

Two observations – obviously there was minimal participation, which is why that sudden drop in the mid session was rather suspicious. Then of course the blue Mole reversal signals near the bottom – always a pleasure and they work best in sideways thin tape. When it’s trending they may get overcome by the ongoing trend. But if you look at the prior day we have a similar  pattern – the first one hit a bit early but the second one nailed it pretty well.

FWIW the NQ is looking quite a bit more directional than the ES this morning. The 25-hour SMA is leading price higher and I am tempted to grab some longs here if the current candle can close above that hourly NLBL.

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Cheers,