** Preparation for Morning Session**
MARKET CONDITIONSWorld Markets News: Asian markets finished mixed as of the most recent closing prices.European markets are mixed.
- 08:30 - Initial Jobless Claims - Bullish expectation
Economic Calendar
SPY - Yesterday we had the level of the previous range tested at 160.25.
1-) Neutral (40%) - I don´t see the market gaping (up or down) today. The references for this scenario are the 159.50 and 161.25 level. Before moving to scenario #2 or #3 it has to start inside this range. If I am wrong and it gaps up, look for a gap fill to the down side. If it gaps down, then due to the bearish long term bias, go with the move. On low volatile scenario around the 160.25 level, stay away.
2-) Bearish (35%) - The long term bearish bias and the fact that we are testing the brake down zone, suggests buyers will not hold this level. If we start trading below 159.50 favor short trades.
3-) Bullish (25%) - If the bulls are stronger and decide to move prices higher, we have to possible resistances: the gap area and the down trend. Favor long trades, but don´t be too greed on the profits.
Long Term Bias: Bearish
Short Term Bias: Neutral
Accuracy: 75%
AM Stock Selection Sheet download
Updated at 7:50
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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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