Here you will find the most recent trade update released today in the Market Dimensions Advisory. This update is showcasing an 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 2/29/16 8:24 am central:
Happy leap year. we will see if this day is one to remember. We are trading currently just above the overnight open in stocks and slightly higher in the crude market. We did have a little selling pressure in the overnight moving us down toward the 1925 level. This is right at the 4 hour bottom level. Since moving down, we have grinded back higher just above the market open @ 1945.00 with a high @ 1948.00 just below the 1950 level. Looking at Market Action Scanner, we are bullish 3 of the 4 time frames. However, the Daily level is within 10% of the top zone. I view this as daily support and the bulls need to hold these levels today if we want to see another leg higher and attack the weekly Top level @ 1975.00. Last week we saw bulls come in on both ES and oil and we are beginning to perhaps see a march higher, but there definitely has been resistance. Should be interesting to see where the volume comes out on the open and how we start the week off. I see some short term resistance at 1952 perhaps the first attempt to test. I am seeing strong support for the bulls @ 1918.
Looking at the 30 min SnapShot chart for our short term levels, we see that we had a breakout very early this morning so we are above these levels currently. We will either wait for new levels to form or see if we sell off on the open what things look like on the 1935 buy level zone. if we want to retrace that level or not. We have a sell zone @ 1929 area, so it would be a very short leash if we get selling momentum. I am most likely not going to buy on that test and see if we challenge the sell zone. If zones are still in play will look for a buy back through the buy area. I think we will get new boxes early in the morning that we can reference.
Below you will see the 30 Min Chart, Market Action Scanner and today’s economic calendar.
30 Min SnapShot Chart: (click for larger new image)
Market Action Scanner (click for larger new image)
Economic Calendar – 2/29
Market Dimensions Advisory – Free Edition - Market Dimensions Advisory leverages insights gained from working with professional traders, commercial clients and institutional businesses paired with an understanding of market relationships, order flow and trading volume, along with news, trends and seasonal info, to give you a "3D view" of trading. Market Dimensions Advisory – Free Edition includes an email newsletter subscription. The Market Action Scanner is a premier Market Profile based scanner powered by the acclaimed TAS proprietary algorithms. Sign up for a 14-day trial to Market Action Scanner!
Subscribe to Market Dimensions Advisory – Free Edition
Market Action Scanner
Market Dimensions Advisory – Free Edition - Market Dimensions Advisory leverages insights gained from working with professional traders, commercial clients and institutional businesses paired with an understanding of market relationships, order flow and trading volume, along with news, trends and seasonal info, to give you a "3D view" of trading.
Market Dimensions Advisory – Free Edition includes an email newsletter subscription.
The Market Action Scanner is a premier Market Profile based scanner powered by the acclaimed TAS proprietary algorithms. Sign up for a 14-day trial to Market Action Scanner!
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