Daily PM Prep - May, 21

** Preparation for Closing Session **

MARKET CONDITIONS



SPY - This is my market summary: it is in an up channel on a daily/60 chart, after breaking the range between 160.00 || 153.50. The target for this move was 166.50 and it is trading a little bit above this level at 167.50. This level was tested this morning again, where sellers start to defend the position. Volatility increased, confirming that the sellers are holding the level. On a 5 minute chart we can see a clear range between 167.50 and  166.50. This is above the target area. The mostly likely scenario today is for the market to  trade around this 5 minute range. The break of this range will determine which side the market will go next. Keep in mind that a fake break to either side is also possible.
Long Term Bias: Bullish
Short Term Bias: Neutral
Accuracy: 85%

PM Stock Selection Sheet download - in the morning market rewarded short trades.
Updated at 12:45

Want more information about the Stock Selection Sheet?
Legends - Click me
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
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Daily AM Prep - May, 21

** Preparation for Morning Session**

MARKET CONDITIONS

World Markets News: Asian markets finished mixed as of the most recent closing prices. European markets are mixed. 

Economic Calendar



SPY - Will the expected correction come today? World markets are mixed, so there is a greater chance for that to happen today. No big news to be released. So here are the possibilities I see:
1 - Market making a new high and continue the up move.
2 - Market making a sideways move as it did between 05/08 and 05/13 - this would be still a bullish consolidation, since we are still in the up channel
3 - Market makes a stronger move down, testing the base of the channel at 165.00 / 164.50
Due to it´s strong behavior lately, I believe the 2 scenario is the most likely to happen today, and will be the expected one.
A bearish bias will only come if the up channel is broken down and it hold below it
Bias: Neutral Bullish
Accuracy: 80%

AM Stock Selection Sheet download
Updated at 8:00

Want more information about the Stock Selection Sheet?
Legends - Click me
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
No comments:
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