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.
As I’m writing this both the YM and the spoos are at a potential resistance point. I usually require three existing touches for a trend line to be valid. We already touched it but have not retraced sufficiently, thus it’s a bit speculative – would prefer a bit more testing here – a NLBL for instance would help.
As stated – similar pattern on the spoos. FYI – Quantifiable Edges reports that in recent history there seems to be an edge in a bullish ‘holy Thursday’ trade. Thank you Scott for passing that on.
USD/JPY near its 100-hour again – I’d like to see a touch before dropping into a trade here. Again, speculative – things are a bit soft today before the long weekend and I recommend you keep your exposure limited.
A few more before we hit the road – shall we?
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