** Preparation for Morning Session**
MARKET CONDITIONSWorld Markets News: Asian markets finished broadly lower today with shares in Hong Kong leading the region. European markets are sharply lower today with shares in France off the most.
- Holiday - United States - The Day Before Independence Day - Early close at 13:00
- 08:15 - ADP Nonfarm Employment Change - Bullish Expectation
- 08:30 - Initial Jobless Claims - Neutral expectation
Economic Calendar
SPY - Second time market try to move higher in the morning and fail to hold. World markets are all red and the SPY should follow.
1-) Bearish (50%) - If market start trading below 160.25 and holding, it should continue lower. The 159.25 level could provide some support for the down move, but I believe this will be only a "pit stop". The expected down move would be a 2 point drop (size of the range). If test the 159.25 and goes back above 160.25, then scenario is change and re-evaluate. Favor short positions.
2-) Neutral (25%) - Market staying inside the 160.25 | 162.25 range is possible and could mean it is gathering the strength to break the down trend. Could play both sides (longs / shorts)
3-) Bullish (25%) - This is the path with most resistance. Prices has not been holding higher in the afternoon, and this show weakness. The longer it takes to close the gap, the closer the down trend get´s pressuring prices down. If start trading above 162.25, go for long trades, but keep shorter targets.
Long Term Bias: Bearish
Short Term Bias: Bearish
Updated at 7:20
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