** Preparation for Morning Session**
MARKET CONDITIONSWorld Markets News: Asian markets finished mixed as of the most recent closing prices. European markets are broadly higher today with shares in Germany leading the region.
- 10:00 - New Home Sales - Bullish bias
Economic Calendar
SPY - Did not move much yesterday and the low volatility continues. Market internals behaved a little different yesterday, so change might be in the way.
1-) Neutral (50%) - the levels are very clear for the sideways move: 169.75 and 168.25. If start to trade below 169.25 is the first sign. Go for shorter targets.
2-) Bearish (25%) - has to start at scenario #1 and take out the 168.25 level. Volatility has to increase for this move to be consistent. Re-evaluate when the level is reached. Go for short trades, but take profits when the support zone is reached.
3-) Bullish (25%) - Europe is on the green and this could cause prices to gap up on the open. The question is if they will hold. 169.75 is the key level for this up move and if comes back below this level be careful with the long positions.
Long Term Bias: Neutral Bullish
Short Term Bias: Neutral
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