Monday 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.

I actually meant to post a weekend update but somehow wound up wiping out my Windows installation, thus condemning me to a weekend of recreating my workstation from scratch. Yes, I do backup religiously but my bootcamp partition wasn’t covered by time machine – fortunately I back up my Windows data separately twice a day. As the old saying goes – only the paranoid survive. Sadly the weather here in Valencia was picture perfect here all weekend and while everyone was out and about until way after midnight the Mole spent it chained to his workstation in his trading lair. You can imagine my mood. Well, as you can see I’m up and running again but it wasn’t fun.

On the the markets – let me get you guys up to speed. The spoos seem are now crossing into Will Robinson territory as prices are currently pushing far below the 100-day SMA mark. There is little on the hourly or daily in terms of possible support. So let’s consult the long term panels.

The weekly is offering the 25-w SMA at 1565 – let’s see if the bulls can stave off the barbarians at the gate.

There was a little volume hole a few handles above but apparently that doesn’t seem to have impressed anyone. Quite a bit of volume below so I expect plenty of participation until near 1530.

Crude is also in a pretty foul mood and I think a play here at the 25-hour SMA could be fun. Which means long above the SMA and short below the 93.04 NLSL.

More fun with futures and a bit of FX waiting below:

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Cheers,