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.

Equities in an interesting spot this morning – the spoos are actually the least interesting of the bunch as it’s simply tinkering with its 25-hour. Yes, there’s a NLSL as well but the support looming below doesn’t make this a very exciting setup.

The NQ however may have room to run (downward) if all that resistance above holds up. I’m not short just yet but am waiting for another candle or so which would keep it below that SMA.

Similar setup on the YM – quite a bit congestion above and it’s possible we may see a quick dip lower. Obviously on both the NQ and the YM I would want to be long above those Net-Lines.

USD/CAD – that 25-hour is once again being tested and that NLBL right there suggests it may end just like has in the past few sessions. If I see a strong push above I may be coaxed into a long but thus far it’s looking dismal.

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Public Service Announcement: The Federal Open Market Committee will conduct the first day of its two-day meeting. So watch your six – we may see screwy tape at times when someone decides to sprin the rumor mill.

Cheers,