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 4/19/16 8:18 am central:
We broke through a buy zone level early morning hours and are now pressed against the highs again with us staring at the 2100 level and bulls hoping to make a print. It should be interesting to see what type of defense the bears put up at this price. However, as I pointed out yesterday, we have tested this level over the course of the last year and never really had much strength through it and was ultimately the high prints before the market corrected back down. I think things may be a bit different this go around. we have strong bullish confirmations on market action scanner, we are seeing a correction in oil, even with the most recent negative news of OPEC and the Kuwait strike, oil pushed higher. Perhaps we break through and look to target the 2010 prices and then the 2020 prices. Could be a bumpy road, but until we see 2086 broken and held, this is the path I believe we are on. Looking at Market Action Scanner we see the strong bullish confirmations outlined on the chart below.
Looking at our SnapShot chart, you see w broke out of the most recent levels which were a very tight zone based on the overnight tight range. we are back with-in the larger levels highlighted on the chart, which is essentially the High and Low in the session. I have highlighted on the downside that the 2086 pricing level has been supporting for quite some time, so if we do get some downward pressure it will be interesting to see how that zone plays out again. I would want to be in a position if/when we challenge that zone we are already short so it’s a confirmation or add to our short position to carry the momentum.
Right now we are above the most recent zones waiting for new boxes to form, however, we are with-in the boxes formed late yesterday and part of the overnight. So we could see this channel hold. We will have to wait and see where the volume and order flow come out during the session and where we get new levels to see how the day goes.
Bloomberg: Five Things You Need to Know to Start Your Day
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Market Action Scanner: S&P
30 Min SnapShot Chart: Showing Levels
Economic Calendar: Video on how to access on dt pro: https://vimeo.com/160017837
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