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 3/1/16 8:26 am central:
Traders,
We have had a 20 point range in the overnight. We ended the day yesterday with the bulls taking control at the end of the session. During the overnight session, we saw some of this negative momentum carry over with us trading down to the 1920 handle. It appears we spent several hours at those prices late night early morning and then we quickly moved higher back into the 1940’s. we have been trading in the mid-1940’s the past few hours with the high in @ 1947.50. So we were not able to challenge the 1950 level we broke yesterday and the previous session highs. Crude oil has been grinding higher and broke back above the $34 handle. it tested $34.50 and has since retraced back to the $34 with a sell zone near this price and 33.90. I think if we get some negative pressure in crude and it trades back to the $33 levels we will see the ES market challenge the 1925 prices.
Looking at the Market Action Scanner, we are seeing a divergence on the 60 min vs the 240 min. I think these are signs that we do not have a definitive short term trend in place. I think that makes since as we made new highs yesterday and sold off the end of the day and have grinded back higher early morning. Looking longer term we are still on the daily Top level, so it would be nice to start seeing new boxes to give us some new ranges, but until we close above these 1940’s we probably won’t see that. I still think the 1918 weekly POC is in play as well as 1908. If we do get short today or in the near future around these levels, those will be my target areas.
On our 30 Min SnapShot chart, we are right near the buy zone on the highs. I want to wait and see where we go after the cash open before we jump on here. We have spent a lot of time near these levels and think we could see a slight dip lower. I would rather buy after we shake some of these current longs out. The sell zone is near the 1934 level, so we will need to see us move 10 pts lower before that comes into play. We will see how the open plays out and where the trading volume comes in. I can definitely see us grinding hire and getting people attempting to short these levels and stopping out and pushing us higher. be careful trying to short these highs from yesterday just for the sake of them working yesterday. I will do my best to send new updates on levels when they occur.
30 Min SnapShot Chart: (click for larger image)
Market Action Scanner (click for larger image)
Economic Calendar – 3/1/16
Market Action Scanner
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!
Risk Disclosure
STOP ORDERS DO NOT NECESSARILY LIMIT YOUR LOSS TO THE STOP PRICE BECAUSE STOP ORDERS, IF THE PRICE IS HIT, BECOME MARKET ORDERS AND, DEPENDING ON MARKET CONDITIONS, THE ACTUAL FILL PRICE CAN BE DIFFERENT FROM THE STOP PRICE. IF A MARKET REACHED ITS DAILY PRICE FLUCTUATION LIMIT, A "LIMIT MOVE", IT MAY BE IMPOSSIBLE TO EXECUTE A STOP LOSS ORDER.
THE RISK OF LOSS IN TRADING COMMODITY FUTURES AND OPTIONS CONTRACTS CAN BE SUBSTANTIAL. THERE IS A HIGH DEGREE OF LEVERAGE IN FUTURES TRADING BECAUSE OF SMALL MARGIN REQUIREMENTS. THIS LEVERAGE CAN WORK AGAINST YOU AS WELL AS FOR YOU AND CAN LEAD TO LARGE LOSSES AS WELL AS LARGE GAINS.
This material is conveyed as a solicitation for entering into a derivatives transaction.
This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.
Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.
Trade recommendations and profit/loss calculations may not include commissions and fees. Please consult your broker for details based on your trading arrangement and commission setup.
You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any third-party trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.
