Wednesday 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 S&P 500 E-Mini continues climbing the 25-hour this morning and if it winds up touching it I’ll use that to add positions. FWIW – in order for the current push higher to get out of the gate it’s time to shift things into 3rd gear at this time. After an obligatory ST support test (i.e. SMA or Net-Line) the tape needs to get moving in order to maintain its momentum. We are at a very crucial stage at this point and I’ll be posting about it in more detail later today. FYI – the current daily NLBL is at 1570.75 – use it as additional context.

As a side note – I find it interesting that yesterday’s mini flash crash retraced exactly to the point where a NLSL was meeting the 25-hour SMA. May be coincidence – granted – but after having watched the tape across many markets on many time periods for years now and understanding the basic premise of a Net-Line, I am still often stunned by now well they work for us.

The NQ is hugging its 25-hour and so we should be seeing early clues as to what we may be getting over in the spoos. The daily NLBL here is at 2834.35 and we’re sitting right below it right now.

AUD/USD just slipped back below its 100-hour SMA. I don’t think this is a great setup right now and I would wait for a push higher, a bit closer to the SMA, to get short or long if it climbs back above it. As you can see previous attempts to conquer it have failed. With a bit more movement we may also get a Net-Line which would aid our endeavors a bit.

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Cheers,