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.

Equity future doing their thing again. Boy, that really is one ugly f…ing chart but clearly dip buyers are aggressive in defending those lows. I’m currently waiting for a touch of 2113 so I can grab a long position. Below 2007 I’ll be short again. FWIW – this tug of war really cannot continue forever – the daily SMAs are starting to droop and may point lower soon. Resistance is starting to develop as that diagonal is extending lower. And that means the bulls better punch this higher today or tomorrow or we’ll see new lows.

It’s possible actually this one runs off right now without me/us – which is fine really. We should not be so enamored with equities and there are a ton of other campaigns that are going in our favor right now (an update later today).

Gold is one I have had my eyes on as you know. Long here with a stop below 1184. There is excellent daily and weekly context nearby as highlighted. 1/2R only and I’ll add another 1/2 if we push higher from here.

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That’s it for now – including yesterday’s positions I’m pretty loaded up and don’t need any more exposure.

Cheers,