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!
Stocks fluctuated after an early sell-off on Thursday but maintained a negative bias throughout the session. The major averages all finished the day notably lower after ending Wednesday’s trading narrowly mixed.
If you took the 45 level (I gave 3745 to my subscribers), you had every reason not to get shaken out of your trade. It was the low not the low but near the low of day. Your reasons for holding were the test of the previous day’s close. Almost across the board, most SP&P500 securities were in synch. Price held just under the low of the previous day from 11:30 to 12:00 CASH and then a quick upthrust showed weakness and the price drifted back down.
Looking Forward Friday, July 1, 2022
As I write price is trading at 3770 handle. What can I say? Covad is back on and off in China with lockdowns. My unofficial survey shows more folks are wearing masks. High gas prices and a potential aging president. These are a few of the bear’s favorite things…
The tone seems to right your trays to their upright position, return to your seats, and buckle up it’s going to be a bumpy ride.
We are dancing around the halfway retracement from the 6/17 to 6/28 marker. I’m focusing on the volume. The ideal is to hold this level. Most traders have their eyes on just below the 3700 handle.
The problem with that is the ALGOs may gun it on down to see if they can press the weak hands out of their positions.
Major changes are swiping this nation. Precedents are being set and some are being broken. It does not seem to be a concern to the market. During the civil war, it was customary for the Union army (North) to burn the crops of the Confederate supporters (South) to handicap supplies to win the war.
I’m hearing talk of burning the Supreme Count down and Brandon says let’s end the fillibuster. Soon, it may start to leave a mark on the market.