WyckoffTrader-AMTurn-02202024
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)
After coming under pressure early in the session, stocks have regained ground over the course of the trading day on Friday. The major averages have climbed off their worst levels of the day but remain in negative territory. The early weakness on Wall Street reflected renewed concerns about the outlook.
Yesterday's Technical Review using
WB's Emini Clock and Wyckoff's Tape Reading Principles
After Friday's 8:30 numbers the bears put the whodo on the bulls. Most securities retraced their prevoius day's range by 10:00 am. This put price is an somewhat oversold weak technical position and price quickly regained most of the loss by lunch high. It was the last day of the week and the last day of the cycle.
Perhaps the market took notice of the numbers. This week will give us the read. The spill down was way overextened with residual bull at the 10:05 am mark. At 10:20 am price had already regains half of the loss. A move back down for 5 minutes held the secondary test at a higher high.
Late and Strong. The MID AM LOW was early and weak as 11:05 am selaed. Notice 60 minutes later the lunch high look as if it may be in. This is telling you weakness is creaping back into the market at these highs.
Then a move up for 25 minutes seals the AM HIGHat 10:55 am. BY 2:00 p0m we have two lower highs. Price dips back at 1:20 pm on increased volume. A volume spike emerges. At first if appears as if the mid pm low may be in. 40 minutes later price is back testing the previous day's close and current near intraday highs.
This buldge print a new high of day. Something is off. It just dont' feel right. The market confirms our suspistion by giving it all back by 2:50 pm late and strong. This is the first time bulls price behavior is seen. The last hour seals at 3:30 pm center time. Notice how price is unable to regain half of the decline.
Just 3/8 is the bulls trophy.
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We are wrapping up this year and grinding into
the next. If Momma gets thrown from the train
1. Average an aggressive market cam move about 150 points in one day.
2. If Algo's decide to go all out REO and "Take It All Away" you could see a 500, 800 to God help us 1,300 point move in a day, across days or a week. Perhaps a month if there is no bid in sight.
3. That is if this market starts to take notice on the news and current events.
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good morning today is SERIES S4L Normal with the spill up.
News: No news of note. All times EST.
Last Night: Bears have had plenty to time to gather the cubs around from thier bull story. Trading under weekly / daily pivots.
Edge: We've had a three day weekend. Plenty of time for traders to ponder the next move.
Need to see if the bears can wake up and pick up the soap.
7/8/9 AM: Traded down to support and then got jamed under the weekly pivot. Trading an 8 handle range.
Today: Could see some selling pressure slip into the fray.
Bulls Want: 12, 24, 32
Bears Want: 00, 85, 68
Globex: 35 handle trading range on 288 volume.
Cycle Bias: Favored to the bear.
Tone: VIX trading at 15.20
Shape of the day: Normal, Wedge Zoom, Link a Stink.
Honing: Spill up, AM LOW, MID AM HIGH, lunch low, mid pm high, LAST HOUR LOW
Bill Fish (4H/4D) Holding longs. LONG
Tuna (30m 1+D) Holding longs. LONG
Sardine (5M-1D) Waiting on markts next move. OUT
Pre Opening: After the numbers price offered down and lost 20 handles.
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: February 24 Snow Moon 7:30 a.m. Spring Equinox March 20 5:24 pm (all times est)
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