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 5/4/16 8:12 am central:
Remember, these are just a quick SnapShot using the tools I use and monitor throughout the day. The best bet is to speak with me during the day and discuss levels as they update. Or contact me on how you can gain access to these tools and monitor the trade on your own. Lastly, this is just a snapshot on the ES, I have similar levels on all markets. Especially Crude, 6E and Ag markets.
The S&P moved lower again in the overnight and early morning hours, currently down -14pts, Dow down -100pts, NQ -31.00. On what is being reported as global growth concerns, toward China and Australia’s Central bank surprise interest rate concern. Also, we are seeing weakness in the WTI markets and that is spilling over into the Energy related companies. However, we are seeing WTI up $1 from its lows this morning and the ES two pts above its lows @ 2042.75. The Euro is down trading back to the 1.150 price area and gold has just made another move higher just below the $1300 price area with it trading just under $1290. we had a round of economic data released this morning. Have a look at the dt Economic Calendar and we have the 9:30am central EIA Weekly Storage report. Crude moving higher is a sign of the potential bullish number, however, we really will have to wait and see.
Looking at Market Action Scanner, we are seeing the weakness show up on the SP odometer as 3 of the 4-time frames are now Red bearish. Daily being an important longer term time frame to keep an eye on. Also, we are seeing the Daily and 240 Min Daily levels are both below their bottom zones, which is confirmation for the bears to keep pushing lower.
On the 30 min SnapShot Chart, we are right above the lows we saw around the 4:30am-5am lows we put in @ 2040.75. We have had new levels formed this area as it spent about 3 hours of price movement in this area. However, these levels are very close to be taking a full breakout approach because you could easily quickly get stopped out on opening volatility. I would use these as a reference as to the tight range we traded. The buy zone upside is against the grain so lean on previous levels as outlined on the chart. The same for the Sell zone, that zone is already -14.25 on the session. As we have seen that we can easily get into the -20 pt moves on the day, I just feel like it could be selling in the hole. So I would be more inclined to see some shorts squeezed out on a move higher and then looking to get short on new momentum. All of this can obviously change once we see the volume and order flow come in during the session, but currently Bears are taking control.
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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