** Preparation for Morning Session**
MARKET CONDITIONSWorld Markets News: Asian markets finished sharply lower today with shares in China leading the region. European markets are broadly higher today with shares in Germany leading the region.
- 08:30 and 9:30 - ECB President Draghi Speaks
Economic Calendar
SPY - Has broken the short term range to the up side and it is likely to continue this away to test the longer term down trend.
1-) Bullish (40%) - If it continues moving higher, the longer term down trend is likely to attract sellers. Be careful around the 164.00 level with opened positions on the long side. Keep a tight stop. After the test have to re-evaluate.
2-) Bearish (40%) - If prices get back below 162.25, then most this would be a fake break up, meaning prices are likely to break to the down side of the range (if buyers don´t hold prices again). The longer term down trend will help push prices down. Favor short trades and longer targets.
3-) Neutral (20%) - After the break of the range, this scenario is unlikely, but if happens could have bullish implications. The longer it trades above the 162.25 level, the likely this value will be accepted and this could go on this it test the longer term trend. Since it is a low volatile scenario, stay away from big trades and take profits faster.
Long Term Bias: Bearish
Short Term Bias: Bullish
Updated at 7:30
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