** Preparation for Closing Session **
MARKET CONDITIONS
SPY - Is following the trading scenario #2 of the morning analysis. It is expected to remain neutral for the rest of the day. I do not see too much strength today. In days like this I do not trade well, so the best thing to do is to wait for something really great to happen.
1- Market to remain trading between correct day´s high and the 163.80 level. This could be a pull back from the channel break up, with follow up to the upside tomorrow. It depends how much it will pull back.
2- If market makes a new high today, we could test the 166.50 and the 167.75 level. This scenario would favor trades on the long side. New highs followed by consolidation above it could provide good entries.
3- This scenario is considered a neutral bearish and the gap at the chart must hold prices for it to provide trading opportunities. Could enter short at the begging of the move, but the 162.25 level must be watched, since prices could bounce back up fast.
4- Most bearish scenario and most unlike to me. If the 162.25 do not hold, buyers will be trapped, causing prices to fall fast to the previous support at 160.25 (maybe even lower). Favor short trades if this start to happens.
Long Term Bias: Neutral
Short Term Bias: Neutral bullish
Accuracy: 100%
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Updated at 13:20
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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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