** Preparation for Morning Session**
MARKET CONDITIONSWorld Markets News: Asian markets finished mixed as of the most recent closing prices. European markets are lower today with shares in Germany off the most.
Economic Calendar
SPY - Yesterday market traded above the 161.50 level in the morning, but did not manage to hold above it in the afternoon. World markets are red and in Europe, Germany is leading the down move. If this is to be just a pull back, the up move must begin in the morning, with prices holding above the 161.50 level.
1-) Neutral Bearish (35%)- Market will trade down, breaking the up trend and holding at the 160.25. From there the expectation is for it to pull back and then continue the down move, but re-evaluation is good. A sideways move from this point into a smaller time-frame range is possible. Favor short trades, but could reverse.
2-) Bearish (20%) - Market breaks the down trend and don´t find a support at the 160.25 level, meaning it is really weak. Trade only on the short side.
3-) Neutral (20%) - if market decides to stay neutral for today, then could be building strength to break up. This would not be a very good trading scenario. Take profits fast cause volatility could be very small.
4-) Bullish (25%)- meaning yesterday afternoon´s movement was just a pull back and market would continue the up move. For this to happen it has to hold above the 161.50 level and then 162.25 level.
Long Term Bias: Bearish
Short Term Bias: Neutral Bearish
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