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 6/9/16 8:31 am central:
Here are today’s levels going into the 6/9/16 open. The roll into September is starting now, but we will be trading June today.
We saw us push higher yesterday and take out the 2118 level that held the session before but was a slow grind and very reluctant. It had a feeling that it was wanting to dip lower but just didn’t quite happen. I think many sellers were getting in the market and when we made that last grind higher it squeezed them out. In the overnight we saw it push lower back to 2110. Oil has moved from upper mid $51 levels down to the lower $50 level in the overnight and this morning.
Bulls are still control on the market action scanner longer term but we are seeing the shorter term time frames showing momentum. On the hourly chart we are seeing navigator move negative as well. We are right on the sell zone of the 30 min snapshot chart and the hourly chart is also the sell zone too. The upside buy level is right at the 200 moving average. If we do breakout higher we will most likely see us test the high volume area highlighted and potentially grind around there for a bit. Selling is something that could become a crowded trade and if we do not see a strong move lower we could accumulate weak shorts and potentially pop higher and then make a move lower.
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Click on images to open larger new window for easier reading:
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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