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.
Easy as she goes – the spoos may have been churning mostly sideways during yesterday’s NYSE session but it has not just managed to hold its 25-hour SMA but has barely touched it in the past two sessions. I would hold long here until further notice.
Things look a bit more iffy on the tech side as the NQ is completing some sideways triangle or ending diagonal (forgive me for using wave wanking terms but they describe this best). From a pure price perspective I would stick with the 25-hour and the 100-hour below as the 25 will drive us higher, should the NQ be inclined to do so. The 100-hour is the bulls’ line of defense – in between we are somewhat in no-man’s sideways churn land.
The pickings were slim this morning but I managed to eek out two juicy setups for my intrepid subs:
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