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.

The spoos are pushing along valiantly and as predicted last week the release out of a two week trading range has now trapped both shorts and longs. The shorts are effectively in a squeeze and the longs who were looking for a deeper retracement are once again relegated to the sidelines. Fortunately we rats don’t belong in either camp and we played the swings like pros.

Now on the short term setups side I think the NQ may be a play as we’ve got somewhat of a Bollinger compression going on over there. A drop through that NLSL may lead us lower but I think that 100-hour SMA near 3392 would provide at least some support. On the up side I would consider a long past 3420.75. BTW, we do have an RTV-L setup here which should be good until 9:00am EST.

For anyone who followed us into the abyss last week: Let’s not forget that we reached 2R on Friday and thus our stop has now advanced to 1793.25 (plus/minus a tick or two based on your entry). This may not be a bad stop as Friday’s candle most definitely qualifies as an NR4 (smallest candle in a range of four).

Good setups this morning – let’s start with silver:

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Bonus setup!

Since it’s Monday I’ll throw this one out to all you leeches. Short GBP/AUD near that NLBL – stop one higher above 1.71473. There is a lot of resistance to overcome here and the 25-hour will soon catch up with price. If this one fails it may still be good in a few hours from now, so keep an eye out for ST entries.

Cheers,