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 spoos are flattening out a little and have now reached the lower 25-hr BB. A drop lower would probably get us back to around 1440.

Gold once again failed the 100-hr and our current downside target is 1733.
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Wheat is dancing on 100-hr support. Seems to be holding and may stab higher.

Soybeans approaching support – thus far it has been holding. Expiration of the NLSL in two hours.

Corn is testing new support – not my favorite setups but if you’re trading the grains and pertinent food commodities then this may be a good launch pad for you as I think it could stab higher.

Bonds trying to build a little floor. Not looking very strong here but we are testing the 25-hr and the NLSL, which is still good for another three hours.

Crude continuing to dance on the 100-hr. So far it’s been holding so maybe 92 makes a good spot to be long.

Currencies – EUR/AUD bumping against a NLBL – good for two more hours.

CAD/JPY at NLSL and approaching a rapidly rising NLSL. Great setup here as a loss of momentum may lead us into a little correction.

Cheers,