** Preparation for Closing Session **
MARKET CONDITIONS
SPY - Today I will be not using the up trend line / channel as a reference anymore, because market has start a new stage. This do not mean it can not move higher, only that the most recent price action suggests the market it moving into a different stage and it is no long in trend. If you look to the weekly chart yes, market is still trending up, but on a daily time frame it found sellers at the 169.00 and it is forming a new range. between 169.00 and 164.00. This are the main reference points for me now. The point of control from this move is the 166.50 and where market is trading now. If breaks these extremes we have to re-evaluate. For today it is expected a neutral day. Market may even make a new low, but the slow action today suggests it will trade around the 166.50 level. If we start to hold below 165.50 then we become for bearish for the day.
Long Term Bias: Neutral Bullish
Short Term Bias: Neutral
Accuracy: 100%
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Updated at 12:30
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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 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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