WyckoffTrader-AMTurn-12292023
YES. I have skin in the game. I trade my own personal account. Sardine / Tuna / Billfish trades are for educational purposes only. I am NOT a futures broker and do not manage any accounts. It is my intent to show where trades may occur. What you do is up to you. You can follow my IDEAS to profit or loss. You determine trade size, when, where and how you trade. (CFTC) Futures is not for everyone. IT IS A VOLATILE, COMPLEX AND RISKY BUSINESS. Before you invest, know how much you can afford to lose.
NEWS / FUNDAMENTALS
(Reuters)
Stocks turned in a lackluster performance during trading on Thursday, extending the choppy trading seen throughout much of the week. The major averages eventually ended the session narrowly mixed. The choppy trading on Wall Street came even after the Labor Department released a report.
Yesterday's Technical Review using
WB's Emini Clock and Wyckoff's Tape Reading Principles
Thursday's price action was more of a repeat of Wednesday's price action. That is with the exception of how price just ripped up at the close. Yesterday it did not rip. The last week and the first week of the new year is not the best time to trade – if you have a natural flow and timing of the market.
The volume is low and many pockets are in the dips between the bid and ask. With that said; yesterday was an ideal S2H day. Yes, I fliped it. The clock timings were spot on. By my eye, I'm seeing selling at each and every opportunity. However, the market held a bid all day. Selling pressure was not pressing down upon the market.
The volume was low 700K or so. The range was tight 11 handles nothing burger day. If you traded, you may have gotten frustrated as price started strong and then turned the corner back against you within the millisecond.
Since December 26 you can see a shortening of the upward thrusts. The volume has dropped off the past three days due to holiday trade. Yesterday indicated weakness as selling pressure held the bulls down to close below the previous day. And then the opening on Globex just took price up on even more lower volume.
While the day is anticipated to rally due to the Santa Clause rally as all traders are hoping for. I'm just seeing selling but then I'm usually opposite the fray. We could see a bulge in today's trade. Truth is it's just hard to get a good read on this low volume low activity trade.
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good morning today is SERIES S3H with the spill down.
News: Chicago PMI at 9:45. All times EST.
Last Night: After making a failed attempt to take out the previous day's Globex high, price now is finding itself in a downward spiral testing the CASH lows.
Edge: It's the bulls ball to lose. The upthrust last night may have enboldend the bears to see what they can do today. (same today)
7/8/9 AM: Price got itself oversold at a previous support. Potential rally from here providing the news is at the bulls back.
Today: Potential move back down to test a higher low. Price is now trading below the two previous day's close. Indicating supply is afoot.
Bulls Want: 33, 41, ?
Bears Want: 27, 16, 00
Globex: 12 handle trading range on 88 volume.
Cycle Bias: Favored to the bear.
Tone: VIX trading at 12.46
Shape of the day: Low volume grind
Week of the Santa Clause rally.
Honing: Spill down, AM HIGH, MID AM LOW, lunch high, mid pm low, LAST HOUR HIGH.
Bill Fish (4H/4D) Out driving out to the Hamptons. OUT
Tuna (30m 1+D) Out driving out to the Hamptons. OUT
Sardine (5M-1D) Stayed out due to the grind. OUT
Pre Opening: No real response after the numbers. Price still trading around the close.
The take away is low volume holiday trade. Some say funds are buying to even out holdings. Some don't want to be left behind.
The clock is used for timing your entries and exits. Position long at the lows exit at the highs. Get short at the highs buy in at the lows. When the trend is in, WB's clock is your friend!
Your edge is a series of trades, not just one trade or one day.
Dates: December 26 Cold Moon 10:33 pm. Winter Equinox December 21 10:27 pm (all times est)
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