Wednesday 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.
Since most of you guys are taking the week off let’s make this quick and painful. The spoos are sitting at the 100-hour and could swing either way. However it’s the most bullish looking of the trifecta right now:
In my book the YM is already a short and maybe painting a last kiss goodbye.
Similar idea on the NQ – short here with a stop above the SMA. I’m ready to flip on all three if a ‘mysterious buyer’ shows up again before the open.
Crude – retesting its 25-hour and a stack of Net-Line Buy Levels (NLBLs) – looking bearish right now.
Gold – may just be mental masturbation but I’m seeing a nice diagonal falling resistance line here. The 1600 mark is obviously psychologically sensitive thus adding a bit more weight to this.
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