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 squeeze is on! Last night’s Apple report spiked equity futures across and that threw a bit of a monkey wrench into our pertinent setups. We now have seven consecutive higher closes (and highs) on the books and if there will be a shake out then it will happen probably today or tomorrow. Because if we hop over the all time highs at ES 1892.5 then we’re off to the races and we may easily see eight or nine higher closes.

I think at the current time the 25-hour SMA remains to be our best guide – we almost lost it yesterday but APPL put us back on top. Even if we slip lower there’s the 100-hour tracing closely – I would expect any shakeout to find at least temporary reprieve there.

The volume profile chart has us back at the volume abyss – which supports my sentiment about the possibility of a shake out. Once we push higher from here it’ll take a lot of folks by surprise and the squeeze will be nasty. FWIW – I would like to get a seat on the bus – it’s still looking good on the TF, perhaps that one will trigger today.

Gold triggered today and we’re already 1R in the plus. If we stay below it then move your stop to 1272.2 at the end of today’s session – if not then close it out.

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Cheers,