Daily AM Prep - May, 22

** Preparation for Morning Session**

MARKET CONDITIONS

World Markets News: Asian markets finished mixed as of the most recent closing prices.European markets are lower today with shares in France off the most. Be aware of the following:
  • 10:00 - Existing Home Sales  
  • 10:00 - Fed Chairman Bernanke Testifies
  • 14:00 - FOMC Meeting Minutes
Economic Calendar


SPY - On a long term prospective we are bullish until the channel is broken to the down side. There is a potential point of control at 163.75, that is also a support zone. On a shorter time frame a smaller range was formed. This range had an unfair high at 167.75 yesterday.  It tried to break above and fail, confirming the presence of sellers at this level. Since on a long term we are trending up, the most likely scenario is for the market to break up this short term range, but it is also possible for it to break down this range and test the base of the up channel. The neutral bias will change depending on which side the market breaks this short term range.

Long Term Bias: Bullish
Short Term Bias: Neutral
Accuracy: 100%

AM Stock Selection Sheet download
Updated at 8:00


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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

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