** Preparation for Morning Session**
MARKET CONDITIONSWorld Markets News: Asian markets finished broadly lower today with shares in Japan leading the region. European markets are lower today with shares in France off the most.
- 08:30 - Core Durable Goods Orders (MoM) - Neutral bias
- 08:30 - Initial Jobless Claims - Bearish Bias
Economic Calendar
SPY - World indexes are all red and SPY could follow. So far this down move is just an expected pull back. When buyers step in and start holding prices should be a good place to jump in.
1-) Neutral (40%): Market developing into a trading rage at the top could be a good setup up for breaking up. As long as it is trading between 168.25 and 169.75 this scenario is in play. Take profits at the targets as market is in a trading range.
2-) Bearish (40%): This is a short term bearish scenario but would still be considered a pull back. The 166.75 level should provide some support. Take profits of short positions at this level and prepare to change bias and start building into long positions.
3-) Bullish (20%): Unlikely and not to be trusted. Market needs to develop a range to build strength before breaking up. Could try fading setups.
Long Term Bias: Neutral Bullish
Short Term Bias: Neutral / 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