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Published 5/11/16 Position Update
MDA SnapShot – 30 Min S&P
Published 5/11/16 8:14 am – Morning Levels – Highlighting sell zone
We had a very strong bullish move higher Tuesday and broke through the recent Highs of 2077 and almost printed 2080. We have had a complete turn around on the Daily zones of us attempting a Daily Breakout Sell @ 2030 to now above the Daily Breakout Buy zone yesterday. We could be a bit overbought today on that strong move, however, bulls are in control according to Market Action Scanner and most likely will hold this trend until a close below 2056. The overnight low of 2069.50 is just above the Daily Top Zone so look for that to be support. Review the Market Action Scanner below for more notes on Short-Term to Longer Term Trend using the levels.
Looking at the 30 min SnapShot time frame with the TAS Market Profile Tools, you will see we are sitting right on the breakout buy zone, and essentially is the high volume area of the current session. I would look for buyers to see how we open but potentially looking to buy this area down to the POC. On the Breakout Sell zone, keep in mind this is against the grain, but this could get some longs from yesterday squeezed out if we start making new lows I would consider the low 2060’s for targets on the downside and potential buy zone.
Not much economic news today. We will just have to wait and see how we open up and the volume and order flow that hits the AuctionVista Heat map.
MDA SnapShot – 30 Min S&P
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