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 3/2/16 8:26 am central:
Traders,
We have quite the strong bullish day yesterday. We were able to take a bite out of that move early in the morning. The target area of 1975 on the weekly POC was hit and surpassed. I knew bulls had control of the short term market, but didn’t expect us to have that strong of a day. It must of been a combination of the bullish ISM number that was released in the morning along with us triggering some longer term shorts who were holding stops above previous session highs in the 1960 area. It also wasn’t a whippy market giving traders chances to sell. As I pointed out early in yesterday’s update, I said to be weary of trying to sell these moves higher, just for the sake of thinking we have been selling off quickly on any leg higher. What we saw during the session, were new legs higher, followed by prices hanging at those highs, accumulating more shorts, then squeezing the weak shorts out and then moving to a new higher area and doing the same thing. The market was waiting for any type of news to happen or an outside source to give it a reason to sell off and it just couldn’t do it, as I think so many shorts, looking to buy out of their positions kept the bids strong. I think stocks are what lead Oil to move higher.
In the overnight we saw new recent highs put in @ 1984.50, but we are trading near the 1975 level now. down roughly 2-3pts on the day. This 1975 level is significant because it is the Weekly TOP level. Closing above this level is bullish for long term traders and market profile users. If we close above this level again, it is a strong victory for the bulls. With us most likely getting new levels. If we close below we will most likely drift back to the 1950’s. See my notes on Market Action Scanner. Bulls are in control with very short term bears trying to push us out of our overnight range. I will be looking for quick short ideas, but at this point following what the MAS is saying bulls are definitelyl in control. So lean on those longer term support levels to hold. Buying dips may be the best thought at this point.
Looking at the 30 min chart, we have a very tight range with our boxes/levels. With us hovering above the sell zone and lows of the session. We are seeing a slight divergence at the moment with oil, trying to break back above the $34 handle and the ES near the lows. I suggest we wait to see where we open up at the 8:30 cash open and then look to play the levels at that point when the volume is coming in. I also pointed out on the 30 min Chart that the 1967-1968 Sell level from the end of yesterdays and most of the overnight is the true sell area Bears need to break. If we do move lower we could bounce off that line the first or second attempt. That is where I think short term bears will have some decent momentum if that can be broken today.
I will do my best to update these levels to you during the day. I suggest you open an account with me and start using the platform and some of the tools I use if you are trading on your own. It will definitely help you follow along. They work for all markets and not just ES. Please contact me if you would like to discuss.
30 Min SnapShot Chart: (click for larger image)
Market Action Scanner (click for larger image)
Economic Calendar – 3/2/16
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