Disclaimer: For educational use only. I’m not dispensing financial advice. We are having an intellectual conversation (you and I) on the topic of trading the Emin futures using the Lens of Wyckoff Principles and the Eyes of WB’s clock. The clock that controls all turns intraday, every day!
For now, at least the low may be in. Most of the volume should have shifted over to the new contract. I said that yesterday and I’m doubling down today. I still see the same. Most securities just retraced their previous day’s range. The June contract is closing out today. So, the volume will be a better tell. I know “chicken little,” says the sky is falling but that is when the big money is made…
Now, this could change if the bigger players decide to throw over their support positions. The fear and greed in the markets are not as prevalent as they once were due to the Algos and not human emotions running the game. However, we are playing in 100-point daily ranges. Price can move within five minutes which once was two hours.
My concern is the volume in that last hour held price. The 10:50 am rally was due to the previous day’s close or the previous lows in top-name securities.
Looking Forward Friday, June 17, 2022
As I write, price is trading 3693 handle. First level 3730 would be ideal, push through with a 3800, and Fed Yell high 3840 or so. Potential test for a spring to test Thursday’s 3:00 pm low at 3640 handle.
If price penetrates that, then all bets are off and potential for lower lows may be in the sights for days ahead. J Powell is hot on the mike at 8:45 am est. Markets may move at the open based on his rhetoric.