** Preparation for Morning Session**
MARKET CONDITIONSWorld Markets News: Asian markets finished broadly higher today with shares in China leading the region. European markets are broadly higher today with shares in Germany leading the region.
- 08:30 - Initial Jobless Claims - Bullish expected
Economic Calendar
SPY - Yesterday could be considered an inside day. There was a spike up when the FOMC Meeting Minutes where released, but prices move back below the high of the previous day.
1-) Neutral (30%) - As long as the market is between 165.25 and 164.20 this scenario is in play. The fact that it is holding above the down trend is an important bullish sign. This could develop into a low volatile day. Favor long plays if the market is holding this level.
2-) Bullish (30%) - The up move is possible and considering that the world markets are trading higher today, the SPY could gap up on the open. The next resistance levels are 166.00, 166.50, 167.75. Favor trades on the long side.
3-) Neutral Bearish (25%) - Even knowing this is a bearish short term move, on the long term would be just a pull back from the break of the trend line. Could trade on the short side, but don´t go for longer targets.
4-) Bearish (15%) - The sellers are not in control of this market so this is a low possibility scenario. If this happen, start looking for shorts.
Long Term Bias: Neutral Bullish
Short Term Bias: Neutral / Bullish
Updated at 7:30
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