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.

A bunch of futures contracts rolled over last night and most of those charts are still a bit of a mess right now – thus no entries on the futures front this morning. The spoos are still bouncing around and I also did not come across any juicy short term opportunities in equities. The one exception may be our daily NLBL at ES 1840.25 – we’ve run up to it but thus far no breach.

Meanwhile the GBP/JPY is plotting a lot less enthusiastically right now (i.e signal divergence) and thus I will dip into a tiny ES short position with a stop above 1840.25. If stopped out I plan to reverse into longs but only if the GBPJPY is supportive. Again, these are short term setups and on top of that I’m playing it very small as I’m seeing a bit of noise all across. And that probably means tricky tape ahead which in turn leads me to reduce position sizes to 1/2R and less.

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Cheers,