Here you will find the most recent trade levels released today in the Market Dimensions Advisory. This update is showcasing an MDA SnapShot levels with potential buy and sell zones for you to consider executing on the day. If you would like to further discuss these trades do not hesitate to contact me directly. If you are not getting these updates sent to your inbox each morning, please subscribe HERE. To see all MDA updates (morning & intra-day levels, trade recaps, educational material) visit my blog page HERE.
Published 4/12/16 8:22 am central:
We saw an end of day sell off in the equity markets yesterday after spending 4-5 hours in a 5 pt range. During the overnight and early morning hours we touched 2029.25 right after the reopen and have slowly grinded higher putting in highs @ 2043.00 In the last 2 hours we have slowly moved back near the 30 min POC @ 2037. Looking at Market Action Scanner, we are grey neutral across the board with the 60 min time frame flipping between red and grey as we tick below that bottom level and back above. The SP odometer, is showing slight red bearish confirmation on 3 time frames. This is a result of the negative move end of day. Looking at the Daily chart, I have updated TAS levels with a bottom @ 2030.00 This is the price level that has been holding the last 3 sessions and bearish are pushing to support. This is the 4th day we are touching this price on our lows. It appears we have been getting a volume of short sellers looking for breakouts near this level, but we have seen large amounts of bullish momentum and buying order flow come in the last few times we have tested this level. This caused weak shorts to get squeezed out and has pushed us back to the 2050 price range each time. Will today be the day that we break through 2030 and do not get this strong buying back up to the POC levels mid session to end the day? Or we will the bulls once again break us back higher into the 2046-2053 zone that we have been hovering in? I think today is the day we find out. If we test the sell zones and get stopped out today, I think we have to test them again the next round as they are on the verge of breaking soon. The only thing I can think of that could fundamentally change things is there is a FOMC speech today at 10am central, that typically does not have too much of a volatile reaction, but given our current environment and what these FOMC speeches, minutes and announcements have done the past few months, I think we could see some movement during the speech as traders are really over analyzing these and looking for any clues on what the future may hold regarding interest rates, so I would be aware of that speech today. If the market does move higher, we have a large overhead resistance @ 2047-2049. I would look for this to hold once or twice so could be partial profit area for day trading longs if tested.
30 Min SnapShot Chart: (click for larger image)
Market Action Scanner (click for larger image)
Economic Calendar: Video on how to access on dt pro: https://vimeo.com/160017837
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