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 4/21/16 8:20 am central:
we didn’t have a huge range in the overnight. That could have been in anticipation on this morning’s ECB meeting, which 100% of economists projected that it would go unchanged and it did. We had a jobless claim number that was weaker again (see economic calendar below, or reference in dt pro to see all the data). Crude oil in the overnight continued to move higher, but the ES market still couldn’t break above the 2005 level. We are seeing some weakness in the last hour off of the economic data reports and we are a few points above the lows @ 2094.75. If we do dip lower, this could get some of the weak longs from yesterday out so we could see perhaps a sharp quick sell off. The goal of the bears is to challenge the 2087-2085 price level that has been holding for support every time it has been tested. Looking at Market Action Scanner we are still just barely above the weekly TOP and didn’t really get too much strong follow through yet. Daily is still well above its TOP zone and this is the 7th bar above that. Looking at the 60 min we are seeing we are breaking below that zone and we are neutral 240 min. So it is potentially looking like we could have a bit of selling pressure coming in, but the longer term confirmation is bullish. So keep that in mind if you are selling you are going against some longer term support. Looking at SP odometer that is green bullish across the board as well, but 60 min is beginning to look like it may get close to neutral. The Euro is trading @ 1.14 so that has popped higher. Gold has made a quick move higher and we are seeing Bond down as well. So we are getting some mixed signals across the board on what exactly will spill over into the Stock market.
Looking at the 30 Min SnapShot Chart, we are right on a sell zone with a tight buy zone as well. We also may want to look at the recent set of bars for another buy zone confirmation. There is a lot of volume accumulating around the 2098 price area so if we break lower or higher we could see price retrace back to this zone throughout the session.
Bloomberg: Five Things You Need to Know to Start Your Day
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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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