Thursday 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 has been waddling sideways all night and is now at its 25-hour SMA. Excellent spot to dip into some short term positions. Long if she holds and short if we breach here. Remember, it’s all about the follow up and a little post spike piggy shake out would not be out of character.

Crude interesting on a short term basis if you glance over to the daily. My eyes are on that diagonal that used to be support and has since turned into resistance. Now there’s method to my madness – if the 25-hour SMA breaches then I’d be tempted to grab some short term long exposure. If that doesn’t happen then we’ll revisit this setup later today.
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Cotton is looking very interesting this morning as it’s bumping against a NLBL and its 100-hour SMA. I’m short here with a stop above the SMA. You know the drill – long on a breach, which may be the better trade as cotton may push back above its daily NLSL.

Copper – long at the lower Bollinger – stop below 3.175, which is the prior candle’s low.

Natgas – short as long we remain below the SMA. But it’s currently looking as it she’ll breach and by the time you read this I may have flipped it for a long.

Bonds – the 30-year is a possible long if it pushes above the 25-hour SMA. Until that happens I’m short with a stop above.

Ditto on the 10-year contract.

Currencies – the AUD/USD stuck a very nice pincer maneuver – long on a breach of the NLBL – short on a failure of the SMA.

A bit more tricky of a setup over on the NZD/USD – I would be long if she pops above the NLBL and short if we see a drop below the soon expiring NLSL near 0.8312.

Have at it but keep it frosty!

Cheers,