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 3/22/16 8:11 am central:
First of all, our thoughts and prayers are with the Belgium nation this morning. We have seen some weakness in the overnight and early morning session from the low 2040’s and down to the low 2030’s. We did breach that 2031 level we have been discussing that the bears are pushing for to get some momentum on their side, but the bulls just continue to defend. The bulls are still in control when looking at the Market Action Scanner SP odometer with all the time frames Green Bullish but the 60 minute time frame is only at 10% so it appears that we could be seeing some short term selling pressure coming in like we saw in the overnight. Looking at the levels on the Market Action Scanner we are only Green bullish in the Daily zone as we are still have that 1998 Top zone. That is still the bull support zone and until we get new levels or breach that we will have to say longer term bulls are in control. The other time frames are grey neutral which is indicative of a current sideways trending market. Which means that we could be range bound with-in longer term zones. We need to lean on our other tools on the charts to find momentum and volume areas such as the Market Map and Navigator. This could help us find opportunities with-in the ranges on when we may see buy/sell areas. I am happy to discuss these concepts and ideas with clients if they are unfamiliar with these tools.
Looking at the SnapShot chart for today. we are putting in a lot of volume thus far @ 2034-2035. This is the current SnapShot POC.. If we do break out to the upside out of this zone. It will be interesting to see if we can easily get through the high volume area from yesterday at 2042 area. We really didn’t have much force yesterday when we were trading at these levels. It seemed exhaustive and difficult to go higher. we may need some fundamental confirmations to push higher. Or if we get many short sellers today and we push higher it could present a small squeeze. Looking at the breakout sell zone. This level has been holding strong for quite some time. The bulls are defending. I think if we do break this zone with momentum we would want to target the 2015 levels. The chart highlights the breakout zones on playing momentum so keep an eye on them and where the volume comes out. If it seems like we could have slow trading sideways day, then we would look to play the ranges as support and resistance.
30 Min SnapShot Chart: (click for larger image)
Market Action Scanner (click for larger image)
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