** Preparation for Morning Session**
MARKET CONDITIONSWorld Markets News: Asian markets finished sharply lower today with shares in Japan leading the region. European markets are broadly lower today with shares in Germany off the most. Be aware of the following indicators to be released before market opens.
- Core Retail Sales (MoM)
- Initial Jobless Claims
- Retail Sales (MoM)
Economic Calendar
SPY - Could not hold above the top of the channel and confirm the break up was a fake one. Sellers manage to bring prices down and bulls were trapped.
1- Bearish - after 3 failed attempts to go higher and break the top of the channel, I believe that there are more people trapped on long positions. This is why I think this down move has potential to continue till the 160.25 level.
2- Neutral - usually after a strong day down, come a inside day or a more neutral day, where the market rests. So this is my second scenario of choice. The reason it is not my first choice was explained above.
3- Bullish - unlikely to happen after 3 attempts failed to break up. Now there is a zone of resistance: 163.10 / 162.70 for the market to break before we can have a bullish bias.
Long Term Bias: Neutral
Short Term Bias: Bearish
Accuracy:
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
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