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.

I’m going to mix things up this morning as I don’t have time for a full morning briefing. We start with a wrap up of yesterday’s manic Monday session as it once again teaches us how to read the early signs of a ‘gap & crap’ maneuver:

Obviously we had the benefit of expecting some impending monkey business ahead of the weekend. This was quickly confirmed at the beginning of the session when things gapped higher and almost immediately proceeded to sell off. Watch the video and then ask yourself if any other short term indicator would have lead you through this session this well. The Zero didn’t get fooled once and pointed downward all day.

The E-Mini is at a strategically important short term inflection point right now. After recovering a bit since yesterday’s close it has climbed just below its 25-hour and 100-hour SMAs. Both should be good for some resistance and will have to be overcome in order to hold that daily NLSL at 1404.5. In particular the 25-hour is falling fast, thus we should get clarification rather soon here.

AUD/USD – possible short term sell at the upper 100-hour Bollinger and below the daily NLBL.

Crude is falling fast this morning – I’m considering my options here at the 100-hour SMA. Possible long if she creeps above but I’m currently eying a short if 88 does not hold.

Short wheat with a stop above the 25-hour SMA – very simple setup as resistance here is well established. Not my favorite contract right now for obvious reasons but fine for some quick short term fun.

The future is now – so don’t bring a knife to a raygun fight. If you are interested in becoming a Zero subscriber then don’t waste time and sign up here. A Zero subscription comes with full access to all Gold posts, so you actually get double the bang for your buck.

Cheers,