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Home / Futures Blog / The Bulls Showed Their Horns to Start the Month. What will we do today? ES Levels – 3/2/16

The Bulls Showed Their Horns to Start the Month. What will we do today? ES Levels – 3/2/16

March 2, 2016 by Andrew Pawielski

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)

Source: dt Pro
Source: dt Pro

Market Action Scanner (click for larger image)

Source: Market Action Scanner
Source: Market Action Scanner

Economic Calendar – 3/2/16

Source: dt Pro
Source: dt Pro

Market Action Scanner

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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.

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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.

Filed Under: Market Dimensions Advisory (MDA)

About Andrew Pawielski

Since 2007, Andrew has been a series 3 registered Senior Futures and Options Broker with Daniels Trading. During this decade plus tenure, Andrew has worked with traders in all different strategies, capital sizes and experience levels throughout the world.

Having this professional brokerage experience and being a futures market participant led Andrew to found the educational trading service Market Dimensions Advisory (MDA). MDA showcases Andrew’s expert technical trading analysis using the TAS MarketProfile tools and other highly regarded volume and order-flow based trading indicators. This professional trading service is a compilation of all Andrew’s trading experiences, concepts, methodologies and real-time trading ideas.

It is Andrew’s goal to empower traders, and through his services, move them from fear to familiarity through frequency.

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Risk Disclosure

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.

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