Tuesday Morning Briefing
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 seem pretty contained thus far – no big moves overnight and we’re still near that 25-hour SMA. So are the NQ and the YM by the way. On the daily we’re now above a NLBL and that’s positive. However…
I’m seeing some possible rainclouds as the EUR/JPY has been dropping lower. That correlation has been pretty solid recently and although this does not represent a reason to go short I am sharpening my senses a little. As you know I’m not a correlation trader and that would be an understatement. But I’m always on the lookout for early signs of trouble. In general equities need to get a move on now. We’re pushing into the December teens and there won’t be much activity past the 18th or so. Effectively we’ve got a week before participation falls off considerably.
There is one interesting short term setup on the equities front however.
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Cheers,
