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 4/27/16 8:18 am central:
We had a tight overnight and early morning range with the tone being slightly negative from the Apple stock miss that caused the Nasdaq market to move lower. We also have seen lower highs in the past 4 sessions and this as added to the slightly negative tone as well. With today being the Fed announcement day (1pm central time) and 100% of economists saying we are going unchanged for this meeting, the focus will be on the language released on what to expect for June’s decision. There is much uncertainty on what will be said about June’s meeting and focus, but if there signs that a rate increase will be taking place in June we could see fresh new lows being challenged and trading toward the 2071 price level. Looking at other markets, Oil is at $45 a barrel, this is the first time since Nov. 2015, bulls are looking for the $50 price level.
Looking at Market Action Scanner, we are seeing the same levels as yesterday for the longer time frames with us still grey neutral. In order to get some bullish momentum from a Scanner point of view, we need to take out 2100 and close above that level. To the downside, the 240 min level is wanting us to break and close below 2080.
On the 30 min SnapShot chart, we have our levels still intact from yesterday’s late morning levels. and we have essentially been trading between the Green Bottom levels and the light blue POC. Roughly a 2-3pt range with a few outlier moves.
With the market most likely on a slow grind today until we get information from the Fed we could be range bound and I wouldn’t look to jump on breakout zones right away. We want to see how the momentum and volume come out near those levels. Today could be a day to trade smaller size and perhaps even keep the powder dry until we get a fundamental feel on the Fed announcement and then looking at some longer-term technical levels.
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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