** Preparation for Morning Session**
MARKET CONDITIONSWorld Markets News: Asian markets finished sharply lower today with shares in Japan leading the region. European markets are sharply lower today with shares in Germany off the most. This is a very relevant move down. Be aware of the following indexes to be release:
- 08:30 - Initial Jobless Claims
- 10:00 - New Home Sales
- 15:30 - ECB President Draghi Speaks
SPY - Yesterday market made an unfair high, suggesting the long term sellers are back in the game. World markets are all down on significant moves. Today we are opening below the lower band of the up channel and at the potential Point of Control. Based on this information the short term bias is bearish until we find buyers and define a more clear support. On a long term bias, if we close below the lower band of the up channel, before going bearish, it is likely that the market goes into some type of range or consolidation. Since not enough volume was done pre-market, this open below the channel still means nothing for a longer term evaluation. There is also the possibility of the market making his way back inside the channel.
Long Term Bias: Neutral
Short Term Bias: Bearish
Accuracy:75%
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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
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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