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 4/15/16 8:17 am central:
We have had another tight overnight range, but we are more near the lows of the range getting close to the 8:30am open. The last 25 hours, we have had a very tight range accumulating a lot of volume at the 2075 level. If we do get some selling momentum the question is how long and how far will it go before bulls come in and support it. We are still bullish across the board on SP Odometer but on Market Action Scanner, levels we are seeing the 60min starting to show Red bearish. However, the longer daily level has been above its TOP zone for 3 Sessions and that support level is coming at 2065.50 So I think bears cold leak lower to that level and we could see some support or selling pressure come in.
The oil market is down over a $1 in the early morning hours and that could be a reason why we are near our lows. We have the highly anticipated OPEC meeting this weekend so we could see some volatility in this market of people positioning themselves for what they believe will take place and or exiting positions to avoid any sharp movements. Unfortunately, what we have been seeing from OPEC and other large oil producers is a bit of headline news to spike and move the market that are not necessarily true, so it will be interesting to see what is reported over the weekend and what actually happens to the market and what sticks. Should make for an exciting Sunday evening. The reason why I follow oil is that if you look at the correlation between oil and the stock market, like many other markets, they can at times tip the cards to what direction we are heading. we also have a rig count number coming out today to keep an eye out for, but not carrying as much weight as it did 6 months ago.
Looking at the 30 min SnapShot chart. we have had some updated levels created that are just too tight of a range to really trade them as breakouts. however, keep in mind where those zones are. I will be leaning on the levels that have been in place since yesterday and are highlighted on the chart below. If we have an inside day the plan would to buy the bottom levels and sell the tops. If it appears to be a breakout appearing we would then look to buy/sell the breakout zone. On the buy side breakout, we have to wonder just how much higher we can go. With the sell zone breakout, we could see many weak longs get squeezed out, but at what level? That is what we will try see during the session using order flow, our levels and seeing where the big volume comes out.
Bloomberg: Five Things You Need to Know to Start Your Day
Market Action Scanner: S&P
30 Min SnapShot Chart: Showing Levels
Economic Calendar: Video on how to access on dt pro: https://vimeo.com/160017837
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