** Preparation for Morning Session**
MARKET CONDITIONSWorld Markets News: Asian markets finished higher today with shares in Japan leading the region. European markets are lower today with shares in France off the most.
- 08:30 - Core CPI (MoM) - Neutral Expectation
Economic Calendar
SPY - Keeps moving higher, but volume is starting to dry out. Very close to the recent high at 169.00 level. Some selling is expected at this level and a volatility increase would be a sign of sellers.
1-) Bearish (40%) - If start trading below 167.75 and holding, breaking the shorter time frame up trend, should test the next level at 166.50. This should provide support for this up move. Favor short trades, but close them when the support is reached. This would be healthy for a potential break up latter on.
2-) Bullish (40%) - We are very close to the high, so a test of this level is also likely scenario. Sellers should step in at this level and bring prices down, so don´t get too attached to long positions.
3-) Neutral (20%) - unlikely to happen and would start a narrow consolidation. Too narrow to hold on a potential break up of the high. This is a very low volatility scenario and don´t expect many opportunities.
Long Term Bias: Neutral Bullish
Short Term Bias: Bearish
Updated at
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