** Preparation for Morning Session**
MARKET CONDITIONSWorld Markets News: Asian markets finished mixed as of the most recent closing prices. European markets are mixed today. Stock markets were set for a cautious start Wednesday as investors wait for further comments from the U.S. Federal Reserve chairman, Ben Bernanke.
- 10:00 - Fed Chairman Bernanke Testifies - High volatility expected
Economic Calendar
SPY - Broke the shorter term up trend, but is still in an up trend. Currently prices are at the top of the longer term range. Market should wait for FED Chairman to speak before making any moves. High volatility is expected today.
1-) Neutral - Price should hold between 168.25 and 166.75 till FED´s announcement. After that need to identify which way the market will move. Be careful with the volatility.
2-) Bearish - since on the long time frame we are at the top of the range, some selling pressure at this level is expected. 165 zone should provide some support for this down move. This is expected only after the announcement. If happens before, we could see it move back up fast.
3-) Bullish - At this point a bullish up move is likely to be a fake break out. The 169.00 level is the resistance to the up move and market has moved quite a bit on the past weeks. For this up move to be trusted some consolidation or pull back should happen first.
Long Term Bias: Neutral Bullish
Short Term Bias: Bearish
Updated at 7:40
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