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 3/16/16 8:24 am central:
We have had a weak morning with the release of several economic reports released. (See economic Calendar below). We broke through the 2000 price level and traded down to the 1997 high volume zone on the 30 min SnapShot chart. The last 2 days have been very quite in the ES market and not much volume coming in. Perhaps it is in prepration to see what will be announced in today’s FOMC meeting @ 1pm central. Today they will be announcing if an Interest rate decision and the market will have to digest exactly what it means. If you reference the ecomonic calendar through dt Pro (screen shot below) It is a very good tool to see the previous and consensus coming into all reports. It allows you to select the report, read exactly what it means and locate historical data. I highly suggest traders use this tool on a daily basis.
Looking at Market Action Scanner, we still have to lean on the bulls being in control, however, we see on the SP odometer that the 60 min time frame we are starting to see the red indicators come into play and we are below the 60 min levels indicating bearish confirmation as well. With the market failing to push much higher the last few days it has a feeling that if we can break the 1995-1991 levels we could look to trade down and challenge the 1975-1971 range. This is the weekly bottom and the Daily Point of control. So if we do get a negative reaction to the fed This is where I see buyers start coming in the coming days.
Looking at the 30 min SnapShot, we are below our short term levels from the overnight. The sell zones outlined highlighted have worked out. So we are waiting for new levels to appear. The 2007 level is near-term resistance if we were to play these levels. I also highlighted on the chart the large volume area from pervious sessions @ the 1997-1998 level. This is in line with the Top line of the Daily levels. This area got a lot of volume yesterday and held to have us move up 10 handles. I am not quite sure if this level will hold again if tested. We just went down earlier this morning and it traded through the zone and put in a low @ 1997 and we have bounced up 2-3 pts.
Overall, today is over shadowed by the FOMC interest rate announcement. We cold see a bit of a choppy morning between the highs and lows. I would not look to try and breakouts during the morning as there could be not enough momentum behind them until the 1pm central announcement. I always suggest being flat for these type of announcements because they can knee jerk in both directions.
I will look to send an update of levels later this after noon after the report.
30 Min SnapShot Chart: (click for larger image)
Market Action Scanner (click for larger image)
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