Tuesday 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.

Crude – nice touch of the 25-hour and possible support to get positioned. It’s been tested for a while now and the idea is that it’ll start holding and leading up. Don’t waste too much time here – either it gets into gear or we move on. Mind the hourly NLBL above which is about to expire.

CAD/JPY really got stomped overnight. Possible support and I would like to start seeing higher highs and higher lows here. Speculative setup but I do like that it already sliced through and snapped back. Could be the beginning of a floor pattern.

More below for my intrepid subs:
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EUR/CAD – similar setup as on the CAD/JPY – possible support here on the 25-hour.

Bonds not gaining traction but based on what I’m seeing I’m not horribly interested in a short setup – it’s a possible but there seems to be few sellers right now. A long breach of both resistance clusters (i.e. the SMAs) would definitely whet my apetite (weird expression if you think about it).

Sugar – pushing into resistance. Short until we see a breach of the SMA.

Copper – sitting on support. Pretty clean gyrations lately and I’m long with a stop below. No compunction to flip if we see a decisive breach lower.

Gold! some testing of the 25-hour here. I am thinking with a stop below 1688.

Dollar pushing right into resistance. I’m short and hoping to get stopped out so I can flip for a long. Yeah, who am I kiddin’…

Cotton – nice support cluster coming up. It’s been well behaved recently. Not a big mover but steady as she goes.

Cocoa however has been kicked in the crutch this morning. Possible support near the lower BB bu let’s wait until some of the shell shock wears off.

Cheers,