** Preparation for Morning Session**
MARKET CONDITIONSWorld Markets News: Asian markets finished broadly higher today with shares in Japan leading the region. European markets are higher today with shares in London leading the region.
Economic Calendar
SPY - Gap up yesterday and did not move much from there. Low volatile day testing the long term down trend line. Where it go from here is very important: will the sellers take over and the down trend re-start or the buyers keep controlling the market put it into a more neutral state?
1-) Bullish (40%) - World markets on the green and the break of yesterday´s high could put market into an up momentum. Volume need to step in for the break of the down trend.
2-) Bearish (40%) - The short term up trend needs to be broken first, but for the market to confirm the down trend being re-taken need to go below 162.25. Otherwise, this could be just a pull back from the range break up.
3-) Neutral (20%) - dont´believe much that this will happen. This scenario also contemplates the possibility of the market trying to close the previous gap and going back above the 163.50 level.
Long Term Bias: Bearish
Short Term Bias: Bullish
Updated at 7:15
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