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 6/01/16 8:28 am central:
Yesterday we attempted to trade lower in the overnight and morning and never had a chance to test the 2083 level, low and the Weekly top again. This area held and what the SP odometer indicated was the strength on the cash market is still in place and we moved toward the 2100 level but was unable to print there. We stayed sideways to slightly weaker in the overnight with us putting in high volume @ 2095 and 2093. We had new levels form not too long ago based on this sideways action. We are coming off the OPEC meeting’s announcement for things to go unchanged in terms of agreements and capping production. This is really not a huge surprise as the writing on the wall was leaning this direction, however, crude sold off to hit the $48 pricing again, which had an overnight high near 49.50.
Looking at Market Action Scanner, we have updated levels on the Daily, 240 min and 60 min time frames and we are gray neutral in these zones. This is due to the sideway action we are seeing with us unable to really break through 2100 with strength but still holding above the 2080’s. MAS is showing that bulls are in control and that selling momentum could be short-lived and bullish strength should hold. Daily support is coming at 2077, that would need to be broken to get bears back in control.
MDA Quick Grid: This is a new image/table I will be sharing on my updates. This essentially is all the MDA SnapShot levels across the time frames that I use and reference when putting together my daily plan. Typically the longer term time frames do not change as often but the 4hour, 60min and 30min will change. I have color coded the cells to correspond with the TAS indicators and my charts. I will be doing an MDA Member Tip video explaining the table in the future, but wanted to start providing it now. This will show the updated levels coming into the session each day so you can see the levels across larger time frames as a quick reference. As you get into longer timeframes the levels have the stronger strength and at the time have more volatility at them too. Something to consider when looking at shorter term plays into longer term zones.
Looking at the SnapShot Chart today, the OPEC announcement has us weak on the Oil front and has caused us to leak lower. We have broken out of the current zone, so look to lean on that for the near term. Or wait to see new levels form. If we do move lower near the 2083 level it should be interesting to see if we hold there today.
Click Images for larger new window:
Market Action Scanner: S&P
MDA SnapShot Levels – Quick Grid – ES
30 Min SnapShot Chart: Showing Levels
Economic Calendar: Video on how to access on dt pro: https://vimeo.com/160017837
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