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 I took this snapshot the spoos have been pushing higher and I’m pretty certain an attempt will be made to claw its way back above that hourly NLBL at 1632.25 which also lines up with the 25-hour SMA. And those two roughly line up with the daily NLSL at 1631.5 which was yesterday’s short trigger. A push back above it would put me back into long positions with a stop below. After all I’m not married to either direction here and all I care about is winding up on the winning side eventually as big moves are on the horizon.
The golden line for the bears is that weekly SMA at ~ ES 1622 – a drop below that most likely leads us lower. Until then the bulls still have decent odds to pull the cart out of the mud today.
As a matter of fact I’m seeing a potential long entry right here and now:
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