** Preparation for Morning Session**
MARKET CONDITIONSWorld Markets News: Asian markets finished sharply lower today with shares in China leading the region. European markets are sharply lower today with shares in France off the most.
Economic Calendar
SPY - World markets continue moving lower, but the SPY need some rest, before it can continue moving lower. The expected support for the down move held, forming a confluence zone with the down channel.
1-) Neutral (50%) - The fact that it is Monday morning and market would benefit a lot from a consolidation at this level before moving lower, gives this scenario greater chance of happening. As long as we are between 160.25 and 158.00 this scenario is on.
2-) Bullish (30%) - After testing the base of the channel and holding, the next expected move is for it to test the top of the channel. This could affect the long term bias, as the market get back inside a long term range. It is hard to decide if this is just a pull back of the down trend or a long term fail break down of the range (160.25 / 169.00), so the range could change to this new unfair low formed at 158.00.
2-) Bearish (20%) - Market could gap down but be suspicious for a gap fill. Need some rest before moving lower. After 10:00 if is still moving down, go with it, cause market is weaker than first thought.
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