Setups Galore Wednesday Morning Briefing

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Welcome to the Evil Speculator 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.

We’ve got a ton of juicy setups this morning and equities are looking like they may ready to make a move. So grab a cup of java (or tea) roll up your sleeves and be ready for action – time to have some fun. So the GBP/JPY carry trade pair is still pointing down. If you look at recent shot term divergences you note that the pair always won.

However, I’m willing to consider both directions this morning, the potential for a fast move on either side is just too delicious to pass up. The Russell futures are treading water and are now facing a NLBL and a NLSL just a few ticks away. You know what to do – take a breach and use the inverse as your stop. DELICIOUS!!

I provided a bit more detail on the YM chart – very same setup. I mentioned ‘short until then’ but I should have said ‘short below the NLSL’.

The spoos not giving us ideal entry conditions and I would probably stick with the former two. However if it pushes above the SMA/NLBL combo then the bulls may just muster up the mojo to climb a few handles. Otherwise it’s looking pretty sad down here on the equities side. Bears rejoice but don’t get carried away.

But we’re just getting warmed up. Check out this beautiful configuration on the Dollar – I expect a big move coming and once again we have a small range separating the respective triggers.

More below the fold – please join me in the lair