** Preparation for Morning Session**
MARKET CONDITIONSWorld Markets News: Asian markets finished broadly lower today with shares in China leading the region. European markets are mixed, but DAX is negative. Be aware of the following:
- Nonfarm Payrolls: no change expected
- Unemployment Rate: a little bullish
Economic Calendar
SPY - As expected the buyers were found at the gap area and the 160.50 level became a support. The question now is the following: will this confluence zone formed by the steeper trend line down (purple) and the resistance at 162.75 (blue) strong enough to stop the buyers? First scenario is that sellers will hold this level and price will come down again, testing the buyers at the 160.50 level (to see how committed they are). If buyers are strong, the level will hold and prices will break the steeper down trend (purple) after that. If not, that will be the angle that market will fall. I don´t believe sellers are that strong yet. The other more bullish scenarios suggests the down trend will be broken today and market will consolidate at the 162.75 level, for a break up next week or maybe will break up today without a consolidation (more bullish approach). The point of control and top of the down channel becomes the target for the up move.
Long Term Bias: Bearish / Neutral
Short Term Bias: Neutral Bullish
Accuracy: 100%
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Updated at 8:50
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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