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 here: http://buff.ly/1KHifiZ To see all MDA updates visit my blog page here: http://buff.ly/1JIbxOS
Published 2/17/16 8:14 am central:
The bulls held strong in the overnight with the ES moving toward the 1900.00 level and eventually breaking it this early morning. We never dipped below our risk/stop level from our long position yesterday. So those who held positions into the overnight were rewarded by an additional 10.00 pts onto the 7.00 pt profits we collected. I got flat before the overnight but our zones and levels held.
Right now we are kind of in a bit of a limbo stage regarding the time frames that I watch. The 30 min MDA SnapShot chart had levels formed very early this morning based on the overnight movements and triggered longs @ 1889.00 with a risk @ 1883.00 level. This 1889.00 level is the High volume area. If we retrace back down from the1900.00 levels, we will most likely look to move toward this zone. This could be a buying area on the first touch or if we break lower, use it as a momentum buy. I am waiting for new 30 min levels to form to locate a short term sell to these levels first. However, everything is favoring the bulls right now so I would look for some type of way to get long first.
Looking at the Market Action Scanner, you see that we have broken above the Daily Top level. This is a bullish confirmation. When we break these longer time frame zones, we typically do get a bit more volatility or retracements on them so be prepared for that, but know that the longer time frame landscape is technically favoring bulls. We can see on the S&P odometer, that the daily stocks time frames are now moving into the Green. This means the % of those stocks are above their “top” levels. So breaking out into new profiles. This can show us what the stock market is doing and confirm our decision making.
Lastly, we have oil storage numbers being released today @ 9:30 am central. We could see some volatility off this report if missed. Recently we had the OPEC rumors of “freezing” oil production which has sent the oil market along with stocks higher. This is very positive/bullish oil, but we will have to see exactly the specifics of what a “freeze” exactly will be. I am not convinced that the oil lows are over. There is still so much supply out there which could easily put us back lower, but you have to respect the volatility on the rumors. still keep a close eye on the correlation between these stocks and oil as they typically are heading in the same direction.
As mentioned, I do not have any entry levels at the moment, but if/when they appear today I will send them out. For those looking for trades, I would lean on being long until we start challenging that 1890 level. As I highlighted on the MAS the weekly POC of 1918.00 is the short term bull target. If this gets rejected we could move into the Daily Range.
30 Min MDA SnapShot Chart: click for larger image
Market Action Scanner: click for larger image
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