Here you will find the most recent trade levels released today in the Market Dimensions Advisory. This update is showcasing an MDA SnapShot levels with potential buy and sell zones for you to consider executing on the 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.
Published 3/24/16 8:28 am central:
This is a short week with Good Friday being tomorrow, so this will be our last update and trading session of the week.
As pointed out yesterday we saw the negative momentum come into play. If traders got short yesterday and held they have been rewarded by more downward movement across the board with the European and Asian markets selling off as well. We are currently down about 15pts trading near 2014.00. Our downward move was an alignment of overbought sideways environment with technical levels being broken but mainly on the heels of the hawkish fed news/talks and uncertainty. We have also seen crude oil sell off roughly $3 in yesterdays session and today’s session with the May and June contracts back under $40 a barrel. As you can see on market action scanner, we finally have some colors on the zones meaning we broke out of previous zones. 3 levels are currently red, bearish, meaning they are below there zones. We also got new daily levels I highlighted on the chart. SP odometer is showing 240 and 60 min time frames strong red bearish as well. We will look to see if they gain strength or if the percentages get more negative indicating strong bearish confirmations. The new Daily POC is near the 2031 level which is the 240 min bottom, which now is resistance. I think this is the new short term bull target and we could see some trading around this level in the coming sessions. As for bear targets I think it is important to remember the 1998 level which was the old daily top. I think that this level needs to be a strong support line for bulls.
We need to respect that the bears could have some strength here. When looking at navigator on longer time frames we see on the daily level we are still on the bullish side but magenta bars are forming which means bulls are still in control but it is an indication of tightening stops, not necessarily getting out right here. On the 240 Min chart we are close to flipping to red bearish, so if/when that happens that would be a strong confirmation for the bears they are looking to gain current short term control. If you are a swing trader, I would say 2011 levels could be a good area to try and buy and hold longer term with perhaps a stop around 1980.
Looking at the 30 min chart. we are below current boxes so nothing to do at the moment. I would watch and see if the volume pushes us lower. if we push lower there could be a buying opportunity. Right now we will have to see where the volume comes out and wait for new short term levels to form.
30 Min SnapShot Chart: (click for larger image)
Market Action Scanner (click for larger image)
Economic Calendar: : Video on how to access on dt pro: https://vimeo.com/160017837
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