** Preparation for Morning Session**
MARKET CONDITIONSWorld Markets News: Asian markets finished broadly higher today with shares in Japan leading the region. European markets are higher today with shares in Germany leading the region.
Economic Calendar
SPY - Yesterday market tested the 160.25 level during pre-market, and move higher from there, breaking the zone we thought would provide resistance to it. That was an unexpected scenario. It was a mix of scenario #1 and scenario #3. An smaller range can be seen between 165.25 and 161.50. World markets suggests this up move is likely to continue.
1-) Bullish - continues moving higher today, consolidates near the 165.25 before breaking higher. This break could occur afternoon or probably during next session. Since Friday afternoon and Monday morning are usually slow, this scenario would fit perfectly. Favor long trades.
2-) Strong Bullish - Market is coming from the bottom of the range and if it breaks the 165.25 level, mostly likely will do a pull back (could also be a consolidation) before continue it´s up move. Favor long trades.
3-) Neutral - This scenario suggests the market being not controlled by buyers or sellers and will trade around (no conviction) between the 165.25 and 161.50 range. Play the extremes fading would be wise.
4-) Bearish - If sellers were in control market would´ve moved lower yesterday as expected. Since it tested the support and move higher, this scenario is not likely to happen.
Long Term Bias: Neutral
Short Term Bias: Bullish
Accuracy: 75%
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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