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 6/14/16 8:32 am central:
We had some nice follow through with our downside levels the last couple days. We moved toward the MAS weekly POC but didn’t print those exact prices, but definitely, the zone we were targeting. The zones from yesterday held the entire session and held the first few times they were tested. In the overnight, early morning hours we grinded higher and above the old top @ 2069.50. Which formed new levels for us ahead of today’s session. I would look to lean on the previous zones for all the volume that was put in. We did get a flip on navigator from red to positive so this chart time frame is currently favoring bulls. I think it is a possibility that we could grind and test the 2075-2080 prices if we do not break below 2064 after the open.
As mentioned today is an FOMC day, see economic calendar below. These typically can have a couple erratic moves before the announcement and then, of course, create quite the zipper volatility if we get a surprise announcement. Or there is the language we were not suspecting. The trade is not expecting a rate hike today
Looking at Market Action Scanner we are between the weekly POC and the Daily bottom, this is the technical range I suspect we may be in but we will have to see what the fundamental data suggests.
On the MDA SnapShot Chart, I have highlighted the most recent Top/Bottom zones. As mentioned above, we may want to lean on yesterday’s zone as well as they held for quite some time. So if you are to get long you may want to use the bottom green zone from yesterday as a potential stop or reversal.
On days with potential large announcements that can move the market one way or the other, I typically do not go into the announcement holding a position. It really is a flip of a coin. Often times we see it break one way and then completely reverse the other direction. I suggest reducing lot sizing and or keeping your powder dry unless you have a strong conviction one way or the other. Traders who are playing the move as it is released are just providing liquidity to the longer term traders who positioned themselves well before the announcement. We will have to see what happens when the meetings occur.
If you have been following along with the SnapShot and you are not a client or never spoken to me, I encourage you to reach out and make an introduction.
Click Images for larger new window
Market Action Scanner: S&P
MDA SnapShot Levels – Quick Grid – ES
30 Min SnapShot Chart: ES
Economic Calendar: Video on how to access on dt pro: https://vimeo.com/160017837
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