** Preparation for Morning Session**
MARKET CONDITIONSWorld Markets News: Asian markets finished broadly lower today with shares in China leading the region. European markets are higher today with shares in France leading the region.
Economic Calendar
SPY - Yesterday market move lower, bounce from a support area, but had no follow through. It could not hold above the top of the channel. Because of that a bullish scenario today seems unlikely.The path with least resistance seems to be down
1- Bearish: for this scenario to happen, prices must start holding below 162.70. A consolidation between 162.70 and 163.10 would also fit this scenario if followed by a break down. Favor short trades, losing supports.
2- Neutral: This scenario has a lot of resistances to break. We have yesterday´s high (164.50), the point of control (164.80) and the high of the previous attempted break up (165.30). Could trade short or long trades in this scenario.
Obs.: The probability between scenario #1 and #2 are not far apart. It is a bit unclear which one to choose from.World markets do not give any clues also.
3- Bullish: Market would need to move a lot for this scenario to happen and it is unlikely for this to happen today.
Long Term Bias: Neutral
Short Term Bias: Bearish or Neutral
Accuracy:100%
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Updated at 8:15
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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