Here you will find the most recent trade levels released today in the Market Dimensions Advisory. This update is showcasing the MDA SnapShot levels with potential buy and sell zones for you to consider executing starting your trading 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.
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Published 5/25/16 8:18 am central:
Yesterday the bulls were in full force, but also, shorts were squeezed out as we made new recent highs and broke above the 2075 price level. that momentum continued with us trading higher in the overnight to 2085.50, which is just above the weekly Top zone on Market Action Scanner. For those who have a longer-term bearish stance on the stock market, this is your opportunity to get short near recent highs and play a longer term short position if we look to challenge the 2030 prices and potential 2000 price level. For those bulls, we need to see if momentum can hold and push us above 2100. A potential June rate hike could add some volatility to this move higher, and from my readings online it is being said “smart money” is starting to step in and sell these prices. I don’t put much stock into those type of headlines or articles but worth noting. I think there is a lot of uncertainty, we could retrace today, but you would think bulls want to defend that 2073 price level where a lot of retail shorts came in and appeared to get squeezed out.
Looking at Market Action Scanner, it is bullish Daily/240 from a level standpoint and very bullish on the SP odometer. We could perhaps suggest with this quick of a move up the Weekly Top could be potential resistance on an overbought market with such a quick move.
Looking at MDA SnapShot chart 30 min. We pinned up against the highs and have had 2 very small levels form from the overnight. I have highlighted both levels as they are very close in risk. If bullish, look to lean on the old levels. We will need to see where the price action comes in today. Ultimately if we do move downward we need to see how the high volume at 2073 holds. We could see shorts coming in and if we make new highs they get squeezed out and we look to grind toward 2100.
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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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