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 continue to look weak and yesterday’s session in addition to the overnight action has opened a small door for the bears. Whether or not they are capable of ceasing the opportunity remains doubtful but we shouldn’t dismiss it outright.

The E-Mini remains our main guide in general for the equities side and it’s useful to know how activity is distributed on our volume profile chart. As you can see there is a volume hole at around 1965 that separates the previous churn zone from the new 4/7 holiday range we are bouncing around in right now. If we hold here today and tomorrow then we’ll probably continue our course higher. A drop below 1965 however increases the odds for another medium term correction.

Always worthwhile monitoring is the S&P 500 cash index which is currently back at its 25-day SMA. Suffice it to say that this line needs to hold – just like last time it was touched. Now if you think we are due for a correction then you may want to look for opportunities to play along. Please step into my lair for a few suggestions on that front and plenty more…

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Here’s today’s event calendar (now dynamic and clickable!) – seems like we’re having a quiet day:

And the spike controller for you Forex traders:

Since we’re on the topic of Forex – here’s a bonus chart:

That’s the ZeroFX (part of the Zero service) which has been making very nice calls on the EUR/USD and USD/JPY side (former on first row and latter on second row). Those star patterns you see happen usually near buying/selling exhaustion. Not many of you are following it but it’s a great tool which provides quite a bit insight on participation patterns.

You have been briefed – now have fun but keep it frosty. See you guys later this afternoon.

Cheers,