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 breached the 100-day SMA overnight and bounced back immediately. Of course we didn’t think they’re going to make this easy for us, did we? I’m currently long with a stop below the SMA but I’m aware that this may be another fake out spike higher. My current approach remains to be small position sizes to weather out the incessant whipsaw. I would be swapping for a short position on a drop below 1860.
The EUR/USD may just reconquer its 25-hour SMA and a NLBL that is about to expire. Taken together I think that 1.393 represents an inflection point and I would be long above it with a stop below the previous lows. However I am going to be out by 10:00am EDT one way or the other:
That’s right – Chairwoman Yellen is at it again in a bit over 2 hours from now – this is going to cause spasmodic gyrations all over the place. I sure could do without all that nonsense for a month or two, wouldn’t you agree?
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