** Preparation for Morning Session**
MARKET CONDITIONSWorld Markets News: Asian markets finished mixed as of the most recent closing prices. European markets are mixed today, with DAX (Germany) positive.
Economic Calendar
SPY - Seems to be breaking up the down channel, going into a new pattern. Listed scenarios
1- Market takes the previous high and move up to next resistance levels at 166.50 / 167.75. This would favor long trades and is to me the mostly likely scenario.
2- A more neutral approach is for it to trade around the point of control with low volatility. In this scenario trade only stocks that are moving and stays away from small open ranges
3- A test and reverse scenario would be for the market to break below the previous low, but find support at the 162.60 level and move back above the low. In this case, to go long on support plays are a good choice.
4- This is the more bearish scenario and to me the least possible. It takes the low of previous session and the 162.60 do not hold prices. Meaning this gap was a failure and bull would be trapped, causing a selling strong move down to test the 160.25, maybe even lower.
Long Term Bias: Neutral
Short Term Bias: Bullish / Neutral
Accuracy: 85%
AM Stock Selection Sheet download - I am adding some information into the sheet. Still under test.
Updated at 8:50
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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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