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.
Quite a drop since last night – the spoos are descending lower and are a bagel throw away from the still rising 100-hour SMA. No good entry here just yet – limbo territory on a short term basis. I would not get positioned until we either touch 1743.5 (the NLBL) or the SMA at 1735 (as of right now). If it’s the NLBL I am only interested in a long breach. On the SMA I may play a long as well but would flip for a short if we don’t bounce back immediately.
The pickings are quite a lot better on the NQ right now – great setup – please step into my lair:
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