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 E-Mini is bumping against ST resistance again. What has changed here is that the 25-hour is now meeting the 100-hour. And that is short term bullish, assuming of course we can push higher here. I’m still short but with a stop slightly above the 100-hour. That hourly NLBL above will be of assistance near the open.

Crude now doing a little retest. The contract has rolled over and since I use the continuous chart we are probably near the SMA on the prior one. Either way I think that hourly NLSL is a good entry point. Again both SMAs are entangling.

More goodies in my bag of charts below:
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Bonds are back at the 100-hour SMA – this gives us a potential long opportunity. A breach here of course would lead us near 150’11, so look out for that and be ready to flip sides. I would prefer the long trade as support is still rising.

Silver – also at the 100-hour – did someone pass around a memo this morning?

The Dollar is still hanging in there – it successfully defended its 100-hour and is not looking like a sell – just yet. However notice that the 25-hour is dropping. That means that it better get a move on or the two could entangle and eventually lead it much lower on a breach below.

EUR/USD doing a retest of the 100-hour with the 25 right below. As much as I hate it I want to be long here with a sto below the 25-hour.

EUR/AUD making  run for it – I think it’s a good long here with a stop below the SMA.

AUD/USD – not for the faint hearted as you can see from the chart. That 100-hour may serve as support if we breach back above. Use only a small amount of capital as this one is s runner, thus it’s a double edged sword.

Cheers,