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 spoos have been pushing sideways overnight and I’m sensing a bit of ambivalence here. So let me lay things out for you guys as there is little gray zone left here. That 25-hour SMA is holding thus far and it better as this thing has to get out of the gate once and for all lest the bulls fumble the ball and watch the bears run off with it. A quick drive lower is tolerable until exactly 1632.25. If that one breaches then we have a fake out sell situation and we’re back in bearish mode.
Here’s the NQ traversing the 25-hour SMA. So far so good but unfortunately today once again is an FOMC day with an announcement scheduled in the afternoon. Which probably means mind numbing tape until Bernanke holds his press conference at 2:30pm EDT, at which point volatility hell breaks loose again. So watch your six today!
Nothing on the FX front this morning but I did run into a few goodies on the commodities front:
It's not too late - learn how to consistently trade without worrying about the news, the clickbait, the daily drama and misinformation. If you are interested in becoming a subscriber then don't waste time and sign up here. The Zero indicator service also offers access to all Gold posts, so you actually get double the bang for your buck.
Please login or subscribe here to see the remainder of this post.