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 are on the verge of boarding the express bus to the 100-day SMA (I wrote ‘hour’ on the chart – I meant 100-day SMA). Look at both hourly BBs – the 25-hour is already on an downward course and the lower 100-hour is in the process of tilting lower. On the daily we have a NLSL which must be recovered promptly – preferably early in the session today. Watch the Zero for signs of divergences – the bulls are about to lose their asses a second time this month and unless they step in here we may see acceleration lower.

Plenty of fun scheduled on the Forex side today – here’s the DX futures apparently thinking about retesting the 100-hour. I am short here with a stop above the 100-hour – a pop above it (and a stop out) puts me into a long position as this may be a fake stab lower. Hard to tell right now but both sides are worth pursuing.

More Forex fun below the fold for my subs:

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

Cheers,