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.

Welcome back to the jungle. I have a whole bag of goodies for my steelrats today, so let’s dive right in. Here are the spoos which are looking positive right now – we are above a cluster of hourly Net-Line Sell Levels (noobs: NLSLs) and above the 25-hour SMA. I think as long as we hold the 25-hour today we should be good for a stab higher, so watch that 1376 cluster.

Gold – very interesting as it’s wedged between a Sell and a Buy Net-Line. There’s also the 25-hour SMA. So I would make that the line in the sand (short term of course) and use breaches of the Net-Lines to trigger a trade. Unfortunately the NLBL is about to expire in an hour.

The greenback is hugging its short term support line – definitely my line in the sand. Surprisingly it’s not weakened (yet and much), so let’s see how this plays over on the equity side.

But wait – there’s more!
[amprotect=nonmember] More charts and non-biased commentary below for anyone donning a secret decoder ring. If you are interested in becoming a Gold member then don’t waste time and sign up here. And if you are a Zero or Geronimo subscriber it includes access to all Gold posts, so you actually get double the bang for your buck.
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Sugar is looking sweet – pinned right against its Maginot Line. You know what to do here – long on a breach but until this happens it’s permissible to try a short position.

Nuttygas – hugging its 25-hr SMA. I don’t think it’s a match made in heaven thus I’m long with a stop below.

Copper – also at the Maginot Line. I’m short with a stop above.

Crude is getting wedged in – if it drops below the 25-hour I’ll be short (update – it just happened). A breach higher above the 100-hr would get me long.

NZD/USD – sitting on ample support. Thinking long here but only would give it a day or so to get out of the gate.

EUR/JPY getting cozy at the 25-hour SMA. If it can hold I’m long with a stop below.

CAD/JPY is painting a possible short term inverse H&S or something. Whatever it is – I’m long if it breaches 79.65.
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