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 futures across the board have reverted back to their respective 25-hour SMA. So far it’s holding but we have daily resistance looming right above. The S&P E-Mini is stuck below a NLBL at 1793.75 and there’s that 25-day SMA now waiting new 1802. Any push above it puts us back in solid bull territory – but until this happens the bears have a shot to take the tape lower. I don’t expect much in terms of movement today after that squeeze last Friday and the event calendar shows a speech by Yellen tomorrow at 10:00am EST. So it’s possible that we’ll see a sideways session today.
Similar picture on the Dow futures – here the daily is bumping against the 100-day SMA and there’s quite a bit more resistance waiting above.
CHF/JPY – kind of dropping off here but if it recovers I would be long above that NLBL sitting at 113.94’6.
More below the fold – please join me in the lair...