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.
The Dow futures are back at the 25-hour SMA – there’s a NLSL which should provide additional support. Short only on a breach of the SMA.
Identical setup on the NQ this morning – same considerations. If we drop then I expect a revisit of the 100-hour SMA.
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Public Service Announcement: Second day of FOMC meeting today – anticipate the possibility of emotionally charged whipsaw moves during the announcement. Also, many markets in Europe are closed today for the Labor Day holiday. Hey, wait – why am I working? 😉