** Preparation for Closing Session **
MARKET CONDITIONS
SPY - Market is reaching the target of the up move with an interesting setup. It just broke the long term channel and now has up momentum where I see two possibilities:
1-) Fake break up - sellers will step in at the target zone and hold prices. Then we most likely will re-test the POC (see picture) of a potential new range.
2-) Good break up - the target zone will not hold prices, and this change on the angle of the channel will continue till it find sellers much higher. This means the market is very very bullish.
The first scenario is the one I think has more chance of happening because of the time the break up occurred ,the volume it had and there is a potential divergence of momentum in the 60 minute chart. So, the bias is neutral to bullish on the longer time frame. On a shorter time frame a bearish sentiment may come if the shorter up channel is broken down. The longer time frame will only go bearish if we lose the 163.25 zone.
Bias: Neutral bullish
Accuracy: 100%
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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 afternoon sheet will be updated between 13:00 and 14:00
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 afternoon sheet will be updated between 13:00 and 14:00
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