** Preparation for Closing Session **
MARKET CONDITIONS
SPY - The morning scenario #2 was the selected path. It tried to go below yesterday´s low, but at the gap buyers came in, holding prices. We are now trading inside yesterday´s range, but this fail to move lower has some bullish implications.
1- Bullish - I don´t thing it will break higher today, but the fact that it did not fall at the open (failed to go down), suggests the break of the down channel was good and we are likely to move higher. A consolidation today around the point of control at 164.75 level would be preparing for a break tomorrow.
2/3 - Neutral - Scenarios 2 and 3 suggests market will hold between 163.25 and 165.30. Scenario #2 would be a little more bullish than #3, but they are both in a "neutral" state. Trading at the extremes of the ranges on this scenario, long or short trades would be a smart idea. Also watch which side this range would break and play along with it.
4- Bearish - Unlikely to happen. World markets were down, it had broken yesterday´s low, everything was setup for it to drop, but didn´t. Meaning buyers are at this level. They were not desperate to sell their positions opened when the gap up happen and more buyers jumped in today.
Long Term Bias: Neutral
Short Term Bias: Neutral Bullish
Accuracy: 50%
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Updated at 13:15
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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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