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 3/23/16 8:06 am central:
We have quite a tight overnight range in place. with us trading around the weekly POC level @ 2046 area. Overall the bulls are still in control when looking at longer term time frames. However, looking at the Market Action Scanner, we are seeing the SP Odometer beginning to show the 60 min time frame flipping to a red level. This could be indicative of us potentially seeing some selling pressure coming into the market short term. Now the longer time frames are still strong green bullish but it is something to note. Also looking at Market Action Scanner we are seeing that 3 of the 4 time frames are still grey neutral. This is an indication that price is comfortable in these zones and we have not started to break out to old levels or creating new ones. We could see momentum break in either direction at this point but signs favor bulls longer term. So potentially sell-offs could not carry as much momentum as we have seen in previous months with a negative technical environment in play on the Market Action Scanner. when we see sideways trends we need to lean on other indicators like TAS Navigator which is a reactive indicator on buy/selling momentum and we also need to use market map for locating high volume areas that we can use as support and resistance. When we get sideways markets we can either do nothing and wait for new levels or we can look to avoid the breakout trades within the boxes and use them for support and resistance zones for range bound trading. 2031.00 is still the bottom zone that bears need to take out and close below.
Looking at the 30 min snapshot chart today. we have our boxes near the high and lows of the session. which is only a 7.50 range. So we could go either way here on a momentum play. I would suggest waiting to see how the market reacts if/when we test these levels and look to get in at a potential retest of those zones. On the chart, I have a 200 period simple moving average in pink. you can see we have bounced off this several times in the overnight and this is lining up with the momentum sell zone. This could be an indication that we continue to bounce off this level or if we do finally break below could see some momentum behind it, but ultimately trade around that level a bit. we have an EIA crude storage report at 9:30 am central so keep your eyes open for that.
30 Min SnapShot Chart: (click for larger image)
Market Action Scanner (click for larger image)
Economic Calendar: : Video on how to access on dt pro: https://vimeo.com/160017837
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