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 3/28/16 8:27 am central:
We are back at it after the holiday weekend. We saw last week, Wednesday/Thursday show some short-term selling pressure come into the market and push us down to some of the mid-March price levels. These were ultimately erased as the end of the Thursday we some bullish strength enter the market after touching the 2012 price level and moved us back near the newly established Daily POC near 2031. As we pointed out in the updates last week we saw this as a possibility as the 1998 pricing is still holding strong as the true support line on daily chart.
Looking at prices to start our week, we had a tight range in the overnight with a high @ 2039.75 and a low @ 2030.00. So still slightly positive trade action from end of last week. Crude oil traded up to $40 and now is seeing a little weakness after that move. Late last week we were trading around 38.40 so we are seeing some strength in crude off of 2 days of weakness in this market too. Although the relationship between these two prices has weakened a bit, they are still heavily correlated, especially when we see downward movement.
Looking at Market Action Scanner, you can see we are neutral 3 of the 4 time frames and price appears to be comfortable around these levels. Bears need to push and close below 2027 so they can test the high volume area put in late last week at 2017 zone. The SP Odometer is showing that the 60 min chart is slightly green and we are still hanging in the red bearish zone on the 240 min time frame. So kind of split on short-term time frames. The Daily and weekly are still bullish green.
Looking at the 30 min SnapShot Chart, we are below our levels, so no direct action now. we are seeing some weakness from the previous highs as we broke through the 2036 sell zone very early this morning. That will be current resistance at the moment. We will wait and see for new levels and see what the week brings. 2027 is the hourly sell zone, so keep an eye on 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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