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 back in Valencia and will share my war stories later today. On the equities side the expected shake out seems to have picked up pace early in the morning. Unfortunately we missed a juicy 25-hour SMA retest which was quickly followed by a breach of the 100-hour just a candle later. Too bad as the preliminary ST target is 1454. At this point I would not chase this candle and instead wait for either a touch of the target area or some NYSE shenanigans to push us back near a resistance level.
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Wheat really picked up pace last time it busted through a NLBL and although we can’t expect a ‘da capo’ I would be willing to grab a long if it breaches. Not interested in a short right now and if it doesn’t pick up steam quickly then I’ll be out by the end of the session.

Crude – nice 100-hour SMA touch, plus we have a NLSL that’s being tested. Admittedly the 100-hour has not been respected very well in the past few sessions so if I grab a short then I’ld be out pretty quickly. A long may be best enjoyed after a drop and recovery. I know – sounds complicated – if in doubt just stay out. That’s my motto 😉

Then there’s the EUR/JPY which is descending on its own 100-hour and I’d wager a long there once I see a touch and some buying interest. Short on a breach of course. It’s been pretty directional recently so let’s hope it’ll stick with the theme.

That’s all I was able to dig up this morning. Let’s see what the afternoon brings – catch you all then.

Cheers,