Daily AM Prep - May, 24

** 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 Germany off the most. Core Durable Goods Orders (MoM) to be released before market opens.

Economic Calendar


SPY - Yesterday market gap open down, but bounce up. Today another gap down, opening at the potential point of control (POC). This gap down suggest a selling pressure. Markets around the world are not strong, so on a short term bias, we are bearish. If the 164.00 / 163.75 level is dropped and market starts to hold below this level, the bearish sentiment is confirmed. If we stay inside yesterday´s range, as the market is now, a more neutral scenario comes to mind, with prices trading around the POC for the day. Since it is Friday, this is the most expected scenario.
Yesterday´s high and important intraday resistance for today also. If we break above 166.00 and hold buyers might test seller at the highs. This scenario would be more probable if there was an unfair low formed at the 164.00 level (which is not the case), but if this happens could affect our long term bias.

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

AM Stock Selection Sheet download - A lot of good trading ideas for today. Set up alerts and focus on just a few stocks
Updated at 8:30


Want more information about the Stock Selection Sheet?
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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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