** Preparation for Closing Session **
MARKET CONDITIONS
SPY - Market opened on a gap down move, but failed to go lower. The potential point of control at 164.50 held the down movement. The next resistance to the up move is the lower band of the up channel that was broken down, then the 166.25 level, where the market may find sellers again. If we close back inside the up channel, market may test the most recent daily high. If it does close below the lower band of the channel, we must watch closely how it is going to behave at the 164.50 level. On a longer term, we expect a range to be formed before the market, just need to find the levels of this range on the next couple days.
Long Term Bias: Neutral
Short Term Bias: Neutral Bullish
Accuracy: 85%
PM Stock Selection Sheet download - don´t like what I see. Most stocks will look like this: VWAP is up (suggesting long), but price is at a resistance and breaking down the up trend estabilished with this market bouce up (suggesting a short). I will focus in just a few stocks.
Updated at 13:00
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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 afternoon sheet will be updated between 13:00 and 14:00
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 afternoon sheet will be updated between 13:00 and 14:00
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