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 4/29/16 8:27 am central:
We saw a late end of day sell off from the 2090 level in the S&P and that pressure is starting to continue again as we are pressed on the overnight and early morning lows @ 2064.50 (low @ 2063.50). We have analysts saying this is related to BOJ (Bank of Japan) and how they are going unchanged again with their recent highs in the Yen and the negative move in their stock market. It could also be part of the bigger picture, of when we start challenging these highs near 2100 we see a very strong retracement in the market. It just had the feeling that when we started getting near the 2100 levels buyers were not coming to the table and longer term position traders who were looking for these zones potentially as profit targets brought lots of selling to the market as well as longer term short positions traders too. Yesterday was a great example of FOMC short term sellers getting squeezed out as we went higher, and then we squeezed out all the longs who were looking for us to break above 2100 and a short squeeze hit the market. I assume yesterday could have been a day where we saw both longs and shorts lose money. Or hopefully, people were able to take a position on both sides and be able to change your bias and not be stubborn. As we saw in the MDA we caught a buy on the way up and for those who follow the Tools on the charts we had sell signals @ 2082. I posted some charts on twitter that backed that idea up. If you are not following me on twitter I am starting to become active on that during the day with charts and updates.
Looking at Market Action Scanner, we see that we are below the 60/240 bottom zones and targeting the Daily Bottom. I would look for that being the first level of support for bears and then 2046 weekly POC.
Looking at 30 Min SnapShot chart, in the last hour, we just broke through the Bottom Sell Zone and broke the lows established at the end of yesterday’s session. 2065 on the daily SnapShot Chart is an Old Top Zone so support held yesterday. Look to the POC of 2053 to be in play now too for the short side. We will see where the volume comes in and the order flow today. If we get a lot of selling pressure coming in and we cannot move lower, I think the breakout buy zone could be hit and potentially put us targeting the 2082-2087 zone which has been in play every session in the past week plus
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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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