Slow Tuesday 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 E-Mini is looking pretty solid up here with the 100-hour holding while it’s nibbling on the 25-hour SMA right now. I think long at a breach of 1691 is permissible.  Short only below 1687.5.

The NQ on the other hand is starting to look rather bearish after yesterday’s daily candle which very much suggests a blow off top. But let’s not jump to conclusion – on a short term basis let’s see what happens here at the 25-hour SMA which is falling fast and is going to force a resolution by the time you read this (i.e either hold with prices dropping or is breached).

Quick update on the CAD/JPY RTV-S setup I posted yesterday evening: It’s not looking great right now and I would keep an eye on that sloping 100-hour SMA plus that NLBL at 96.17. Quite a bit of ST resistance and a short here with a stop above the SMA may just work. If we breach higher then I would wait for the SMA to be taken out before entertaining any long positions.

Just a friendly reminder that we have the CPI announcement – so that’ll produce some movement on the USD front. Nothing else that really jumps out at me. Given the contradicting situation on the equities side let’s sit and wait for things to pick a direction.

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Cheers,