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’m sure you guys can’t wait to get back to work after such an exhausting 4 day weekend (if you count Thursday). Just kidding – I don’t expect much activity here today as most of you guys are probably busy popping Aspirins to ward off your hangovers. However, the market doesn’t wait for us slackers – I’m seeing a long opportunity near 1976 assuming we ever get there.

I have some doubts as the GBP/JPY is painting a divergence as of right now. If it persists into the open then it’s possible we drop toward 1970 (slightly better hair styles if I recall correctly). Unfortunately I don’t see a good short setup on an hourly basis. Perhaps watch the Zero Lite near the open and trade accordingly.

On the daily front the half Thursday session bestowed us with an inside period. However I’m not really hot on taking it right now as we a) have very little supporting context b) it’s very tiny and may get us whipsawed and c) it’s based on a half trading day, thus it’s technically sketchy.

Two short term setups below for my intrepid subs:

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Alright, that ought to get you going.

Cheers,