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!
From Yesterday. The price action today looked more like preliminary supply with further downside to come…
One could make the statement that was the selling climax the prior day. Just after the CPI numbers price rips up 100 points in 5 minutes. My mom had a saying for that. Perhaps your mom did too?
Low volume little opposing force. A lot of traders taking out bids to fill a market order. Is that a strong move-up? Not by my eyes. I like to see that in CASH but that would have had more resistance on the offer.
SPY moved down for 10 minutes then moves up for 10 minutes. The up move was far superior to the down move. The trader suspects the path of least resistance is to the upside. A 40-minute down move confirms that notion giving up less than half of the rally.
Next, an 80-minute up move tags a new high of the day. This is followed by a 60-minute down move that takes away just over half of the rally. This confirms traders are willing to lift offers and take price higher as an 80-minute rally just wet beaks the current high.
A 5-minute down move confirms the bulls’ strength as price starts to lift the offer on the way to the 2:00 pm-close. Next, a 60-minute rally takes no prisoners as it lifts the offer on increasing volume all the way to the close to tag the high of day.
Am I bullish? I need confirmation today or Monday.
Looking Forward to November 11, 2022
Due to recent changes in market behavior I’ve decided to change my focus to Time based trading. This allows you to benefit from the flow of the arrow of time and not fight against the algos in the nanosecond.
Besides being an 11/11 day it’s a Friday after a strong up move. The volume was just slightly off 1.7 MM. Would like to have seen 1.8 to 2.0 MM lots.
The ratio of ADV / DEC was 1 to 9 in favor of the bulls.
I am suspicious of how the market closed on the high volume spike. Especially on the tight GLOBEX range.
I’ve been saying for the past few days, we need to rescue those stuck bulls from the previous week’s FED day. The true price behavior is after the stuck bulls are unstuck will the Composite Man be willing to lift the offers on increasing higher volume on to higher highs?
By my eye, I still say we need to pull back before charging ahead…
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