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.
No major drama overnight, the spoos keep clinging to that 25-hour lifeline which is now slowly driving the tape higher. Good inflection point right now before the open as we’ve got a cluster of NLSLs terminating near 1596 – I would be short below that and long above 1599.
The Euro has been strengthening except against the Dollar and that is interesting – here’s the DX which is also riding its 25-hour higher. There is additional support below at the 100-hour SMA should we see it slip lower.
EUR/JPY on the other hand has been running higher and we have now a nice v-formation that is now facing its 100-hour SMA and the NLBL at 128.035. Good spot to get positioned.
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