** Preparation for Morning Session**
MARKET CONDITIONSWorld Markets News: Asian markets finished mixed as of the most recent closing prices.European markets are higher today with shares in London leading the region.
Economic Calendar
SPY - Yesterday morning sellers were in control and in the afternoon buyers were in control. Taking into consideration that market could no trade below 162.75 zone, tell us there are still buyers present in this region. Looking back (05/08 till 05/13) we can see the market had to work harder to break above, so it should have trouble as well to break down. Since it had failed in trading lower, the expectation is for it to trade higher today and test the 165.50 resistance (down trend line and point of control). It is also possible the market will have a neutral day, trading around the 164.00 level and not move much. If we start to trade below 162.75 the bias will change to bearish, since this seems to be the area were people are willing to buy. On a longer time frame, the Neutral to Bearish bias was not confirmed cause it should´ve been able to break the 162.75 level and accelerate down, so we are back to Neutral.
Long Term Bias: Neutral
Short Term Bias: Bullish / Neutral
Accuracy:
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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