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.
After the shorts got squeezed yesterday it’s now time to shake out some weak hands. The game really isn’t that difficult – just start thinking from the perspective of a market maker. Which basically boils down to screwing the most market participants as possible at any moment. The YM and the ES are somewhere in mid-air but the NQ may be touching its 25-hour soon – wait for that if you consider any short positions (unless you are already in them). A breach of the 3,400 will most likely lead us higher.
Gold still toying with its 100-hour SMA – I am considering a long here on a breach of the hourly NLBL at 1,284.1. Shorts seem to have only limited potential given the current formation.
More below for my intrepid subs – please grab your secret decoder ring and join me in the lair:
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