Here you will find the most recent trade update released today in the Market Dimensions Advisory. This update is showcasing a MDA SnapShot New Entry in the E-Mini S&P Market. To get these updates sent directly to your inbox, please subscribe for free.
Published 2/3/16 8:08 am central:
We started the night off with a bit of a downward move with crude oil still driving below $30 and put in a low of 1885.50. This morning we caught some strength and are trading back above $30 on crude and back above 1900.00 on the ES. We are currently making new highs @ 1909.50 and are breaking out to the upside on a SnapShot 30min chart and close to breaking out to the upside on the SnapShot 60 Min Chart. Normally I would look to jump on this signal, but we are still in the pre-open hours and have put in a lot of volume around 1900 which is the POC for the 240 and 60 min time frames. I want to see what the market does when we open. I think we could retrace back down to that level before the open and don’t want to start in hole. After the open if we hit this level I would look to jump on this zone as a buy. On the MDA Chart below you can see both levels highlighted. If we do not retrace back down to the open so be it, but as you can see on the Market Action Scanner. All time frames are currently neutral so we could see some range bound action around these levels for this session. However, we do see on the MAS odometer all stocks are currently Bearish still. So perhaps bears still have small control. I think it does depend on what oil does today. We are currently up 90 cents. If we break higher expect the Stock Market to follow suit.
As of right now will wait and see what the open brings and then work these levels after the open and see. If we do get down to our sell level, I think we will look to target 1875 the POC from the daily level.
MDA SnapShot 30 Min Chart: (click image to open larger new window)
Market Action Scanner: (click image to open larger new window)
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