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.
Steady as she goes on the equities front – the cash is now in earshot of its 100-hour BB which is just a bagel throw away from our 1980 inflection point. Recall that this is where the bears throw down their claws and embrace their ignominious defeat. A little correction near here would be nice – just to throw everyone off a bit.
However a pop above ES 1972.5 (the current hourly NLBL) looks like a good buying opportunity given the 25-hour SMA right below it. Much potential for a pop higher with minimal risk – you can play this one with 1/2R and if it happens (odds are low) then you’ll probably be rewarded with multiple R returns.
I got two precious metals setups today – the best one I keep for the subs but silver ain’t looking so shabby here either. Long right now with a stop below 19.65. The big hurdle will be 19.75, which is where silver runs into its old nemesis – the 100-hour SMA.
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