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 6/06/16 8:34 am central:
Here are today’s levels starting off our week. Last Friday we had an interesting session with the Nonfarm payroll miss and the ES testing the 2083 zone again. Then we had a late in the day grind back up to 2100. We opened last night with us trading with light volume and put in a low @ 2094 and then we hit a new high this morning @ 2104.25. This occurred when we saw crude oil trade up to the $49.80’s. The major headline today is that Janet Yellen is giving a speech today so traders are going to see if there are any suggestions of a June Hike or if that may be something done later in the year.
Friday we got long @ 2094.50 and it was suggested that we could hold into the weekend for a longer swing position or if you wanted to take it off for a profit we highlighted the 2101 area. So these levels can be used to trail your stops up or add to the position. If you are flat then look for these as new positions.
Technically we are still bullish across the board looking at Market Action Scanner. If the bears would broke and held 2083 I think that would have moved us lower but that held again.
Looking at the 30 min snapshot chart, we have the updated buy/sell zones. It is difficult to want to be a buyer at these levels when we just can’t seem to move higher all the other sessions that we have gone above 2100 and then ultimately sold off. However, we have to follow our technical direction and respect it.
Click images for larger new window:
Market Action Scanner: S&P
MDA SnapShot Levels – Quick Grid – ES
30 Min SnapShot Chart: Showing Levels
Economic Calendar: Video on how to access on dt pro: https://vimeo.com/160017837
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