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.
Quiet morning but we have a good ST entry on the equities side – I’m currently long above the 100-hr SMA with a stop below the 25-hr. The former is just about to swing higher and unless the spoos lose ground here the 25 may just drive it higher. It’s becoming do or die time for the bulls – the recent whipsaw increases the chances for continuation lower.
Which also means that I’d be grabbing a short position (1/2 R) if stopped out. Rationalization is that it’s either a fake out lower or it really falls off the plate, in which case even 1/2R would pay off nicely.
I’ve got a nice futures setup waiting below the fold – please join me in the lair:
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You have been briefed – now have fun but keep it frosty. See you guys later this afternoon.