May Day 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.

It’s the first day of May and spring is definitely in the air even if you live up in more Northern latitudes. The spoos even seem to have a renewed bounce in their walk but now it’s SMA retest time as so often before the NYSE open. I think if you’re flat on the equities side then this is an excellent ST entry – just put your stop a few ticks below the 25-hour SMA.

Our daily entry from Tuesday is looking good and I’m happy that it survived yesterday’s FOMC madness without as much as breaking a sweat. We are not at 1R yet so we leave our stop in place – all the way down there, yes.

On the YM things look even more interesting on a short term basis. Similar SMA test as on the spoos but we also have a daily NLBL right above, so a breach higher here would also be a daily NLBL long. Yes, I AM spoiling you guys…

AUD/JPY – not an entry just yet but if she comes down to 94.6 then I want to be long with a stop below those lower Bollinger bands. Not interested in trading it lower in case you wonder.

Watch out around 10:00am on the USD and equities side as the ISM will report the purchasing managers’ index survey.

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Cheers,