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 most exciting news this morning is the Dollar’s breach above its long term diagonal resistance line. If you have been coming here for a while then you know that I have been following this chart closely, patiently waiting for a breach of either 83.5 or 78.5.
Here’s the P&F which now is painting spread triple top breakout, projecting a preliminary bullish price objective of 88.5. I hope you were watching the DX and are positioned accordingly, as you know I have been pushing this setup for a long time. Truth to be told I am still waiting for Bernanke’s shoe to drop but lest any tinfoil hats and conspiracy theories I must be long with a stop below my break out trigger at 83.5
Spoos are about to touch the 25-hour SMA – NLBL right above – my thresholds are on the chart.
While we’re on the topic here are yesterday’s Mole reversal signals courtesy of the Zero indicator – also a nice divergence mid session and then there’s another one right before the EOD swing higher.
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