Here you will find the most recent trade levels released today in the Market Dimensions Advisory. This update is showcasing the MDA SnapShot levels with potential buy and sell zones for you to consider executing starting your trading 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.
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Published 5/26/16 8:29 am central:
We saw another bullish day yesterday but not with the same force we saw Tuesday. Which makes me think we squeezed out a lot of the shorts Tuesday. Once we put in the mid morning high @ 2092 area, we saw a 3 pt channel develop. During the overnight, we broke out below the zone and tested the 2083 level and has moved back near the highs of yesterday. Oil is the talk of the morning with both Brent and WTI above the $50 price levels. With this being a holiday weekend, we could see some potential volatility entering today or tomorrow going into the weekend. In the event, traders are stepping away Friday to extend the longer weekend.
Technically we need to respect this strong move up. All time frames on the Market Action Scanner are bullish, with 240 min recently making new levels putting us grey neutral but it has been strong bullish for the last 29 bars. The SP cash odometer is also strong bullish across all time frames with the percentages at 40% or higher. The weekly top @ 2083 is the overnight low, and if we test and break this level again we could see some short-term selling off, however, I think it could be short lived or not sure how much momentum will be behind unless we get some strong fundamental news or information. I think we could test 2075 zone to the downside but ultimately will potentially stay above 2070’s.
Looking at MDA SnapShot 30 Min chart, again we have very tight levels due to us creating these small channels near the highs. These are difficult to trade because we want to follow the rules and buy, but also with it such a tight zone we could ultimately get chopped up. Also, we typically try and find levels that cause stops to trigger or create emotion in the market which is what creates fast movement on breakouts but hard to get that when testing new highs or hitting longer-term levels. If you are bullish, consider the 2083 price area as a spot to exit and admit you are potentially wrong. or wait and see if we can break below that to buy and lean on the 2073 price area. For short term day, traders/scalpers play the levels written up and see if we can catch some momentum in our favor. Look to sell the zones and add at the previous sell zones to build a position if we move lower and break below 2083
Click Below Images for larger new Window
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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