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 3/29/16 8:06 am central:
The overnight market couldn’t break through that 2034.00 level that held late in the day yesterday and we sold off early morning on news of oversea markets being weak and oil moving down as well. We are currently on the Daily Zone Bottom level. If we break through we could see us test the 2015 prices. On the 240 min chart we got new levels from the 2027 sell level yesterday, which is confirming the small bearish move and the volume that came in yesterday’s session. See the Market Action Scanner for those new zones. Longer term the bulls are still showing strength on the SP Odometer, with 3 time frames still green bullish, but the 60min is beginning to flip to red and the 240 min time frame is just in the green zone. Looking at the levels, and time frames. We are gray neutral the 3 longer term time frames and are red bearish the 60 min time frame by 4 bars. Which shows that short term bears are trying to break lower and form new zones. We are right on the daily bottom level, so we could get support here, but if we break and close below will be a bearish confirmation and could confirm that we are moving back toward the 2000 level. We have a Janet Yellen speaking today on the interest rate policy today. This could have no major effect on the market, but wall street will be tuning in and if we hear any surprises could move the market. we also have a 9am consumer confidence report that cold bring in some volatility. (reference calendar below)
Looking at the 30 min snapshot chart, we just had newly formed zones on this break lower from the early morning move. We are right near the lows and trading below this zone could trigger us to trade down toward that 2017 high volume area we highlighted yesterday. You can see we put in a lot of volume in the overnight @ 2031 (POC level we have highlighted) so if we break above the buy zone level on the chart we most likely will trade up to that level and perhaps challenge the 2034 level we have been unable to break the last several tests of that level.
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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