** Preparation for Morning Session**
MARKET CONDITIONSWorld Markets News: Asian markets closed sharply higher today with shares in Japan leading the region. European markets are higher today with shares in France leading the region. Core Durable Goods Orders (MoM) to be released before market opens.
Economic Calendar
SPY - Market has closed above the 157.25 on a stronger movement than expected. This meas the buyer are still present and the fail break high is likely to be a range expansion. The prior range was 157.25 | 153.75. The range extension is likely to be 159.25 | 153.75. When it broke above this range, longer time buyers where in control. When it fails the break, long term sellers rejected the prices, since it was a strong move. This range extension actually means a change of control from Intermediate to Long term control. For today we expect the market to respect the trend line and test the upper part of the range new range. This will help to delimit the upper part of the newer range.
Bias: Bullish
Accuracy: 80% as market is holding above 157.25 is likely to confirm the range extension.
AM Stock Selection Sheet download - a lot of names today. Main ideas are checked, but will be going to charts to find more good ones.
Updated at 8:30
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Read this before using the information provided in this page:
1.Educational purpose material only. Use this information at your own risk.2.Stocks may be added to the selection sheet at any time. They are used as a guide to select which stocks I will trade and set alerts . It does not mean that I follow all of them, that would be crazy.3.The Accuracy information is for my own use only. It is reviewed after I am done trading. This is just a way for me to measure how is my reading of the market and my confidence in it. I suggest you develop your own way to do this.4.The morning sheet will be updated between 8:00 and 9:00
1.Educational purpose material only. Use this information at your own risk.2.Stocks may be added to the selection sheet at any time. They are used as a guide to select which stocks I will trade and set alerts . It does not mean that I follow all of them, that would be crazy.3.The Accuracy information is for my own use only. It is reviewed after I am done trading. This is just a way for me to measure how is my reading of the market and my confidence in it. I suggest you develop your own way to do this.4.The morning sheet will be updated between 8:00 and 9:00
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