Wednesday Morning Briefing
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.
Equities are continuing their march downward and it seems we are going to visit those daily support levels after all (see yesterday’s post for more details). There was an overnight attempt to overcome the 25-hour and a NLBL but despite best efforts it failed ignominiously.
Now resistance is stacking up – as you can see we’ve got the 25-hour on the Dow futures as well plus a NLBL at 15,922.
Ditto on the Russell 2000 futures – slightly shifted configuration but same picture: The NLBL at 1,123.6 and the 25-hour held up just nicely. There’s a new NLBL now at 1,124,7.
On the volatility meter we’ve got possible turbulences involving the USD/CAD or other CAD pairs around 10:00am EST. So if you’re slinging those this morning then be out before or bite your time before entering.
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Cheers,
