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. To see all MDA updates visit my blog page HERE.
Published 2/23/16 7:48 am central:
We didn’t really have that wide of a range in the overnight as we are starting to be accustom to. The overnight feel was slightly bearish, and for those who may have looked into playing the Sell Zone @ 1933.00 you would of been rewarded with a decent move with a low of 1924.00 and a high of 1936.75. We are slowly grinding higher at this time, with having popped through a buy zone and retracing back to that entry level. We have a sell zone @ 1928.00 which is lining up on several time frames the 4 hour, 60 min and 30 min. We challenged that level briefly not long ago and have since grinded higher. Bulls are definitely in control at this point, but we could see a inside day of yesterday’s high and the lows we just put in. April Crude oil drifted lower in the overnight along with the stock market but we are starting to see some strength early morning. It put in a low of 32.45 and is now trading @ 33.31 with a high @ 33.53.
Looking at the Market Action Scanner and the 30 Min MDA SnapShot chart, if we can break down to the 1928.00 level and we see weakness in oil, I think we could get a nice move lower and challenge the 1918.00 POC level. As for the long side, I will wait and see if we get any new levels, but we had just broken the 1932.00 retraced back down and are moving higher. That 1932.00 level long could hold with a tight stop @ 1928.00 so I would lean on that for now and see where we go when the cash market opens.
Remember I use these levels on all markets So if you come on board as a client and would like to review the markets you trade just let me know.
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Market Action Scanner: (click for larger new image)
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