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Published 3/23/16 2:16 pm central – update to the morning update
I just wanted to provide an update on the day from the morning levels. It appears that the SP Odometer turning to Red bearish early morning was the tip of the cards to a potential downside move. Also, with the 200-period average holding several times and lining up with the breakout sell zone to the downside it caused the momentum to push lower today and break the 2031.00 level we have been watching for the last week. Whether this was just an overbought environment or we were following the oil sell of today we will have to wait and see how we react tomorrow. The market needs to close and hold below 2031 if the bears want to have a shot at getting back to the 1998 daily top. We could see us trading down to the 2012 area and gaining support at those high volume areas. For those who followed along with the signals today hopefully you were able to catch part of the move downward. We did get new levels formed mid-day and another breakout sell zone was presented. So this could have been an add to the position or a new sell entry. When new boxes form, we move our stop above the new top level if you are looking to swing trade the position.
30 Min SnapShot chart HighlightingTrade: (Click for larger image)
Updated Market Action Scanner: click for larger image
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