** 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 - Important down move yesterday, with market breaking down a longer trend up line and the bottom of a range and closing near the low with big volume. This move changed my long term bias to bearish. Blue lines are the next potential supports for the down move.
1-) Neutral (50%) - This scenario suggests that market will trade today between 158.00 and 160.25. Shorting resistances would be a good trading plan or some small bounce up on the open could provide some long opportunities (with short targets).
2-) Bearish (25%) - The most clear support for the down move is at 154.00, so market could also continue its down move to that level.
3-) Bullish (25%) - If this happen we need to identify what is me market doing. It would be hard to tell at this point if this up move is a fake break down of the range or a bounce/pull back from the down trend break. Must be very careful with long positions in this scenario.
Long Term Bias: Bearish
Short Term Bias: 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