I'm back from an enjoyable holiday, refreshed, and wondering - what's a positionless boy to do? In that I have no positions, and am on the hunt for some good trades. Short term trades initially, to get my eye back in.
One thing I know is that I won't be chasing stocks higher, but anyways the indexes are worth a look.
S&P 500 has broken upwards from a long term trend channel. Not an entry signal in my book. Obviously not a signal to get short either, though a return to the trend channel would be a bearish edge for me. But each to their own.
ASX 200 is struggling with mid-channel trend line resistance.
Nikkei is approaching huge long term resistance, or is already in the resistance zone, depending on how you look at these things. I'll be surprised if it beats 16000, but life and especially markets are full of surprises.
So which markets do I think are setting up for potential short term trades? To my eye Gold, EUR/USD, AUD/USD. My bias is short for all three. I've shown daily charts but will be loooking to the hourlies for possible (possible) entries, depending on how the new week shapes up. Maybe I'll be sitting on hands a while.