WyckoffTrader-AMTurn-01052024
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 throughout much of the trading session on Thursday before eventually ending the day mostly lower. The Nasdaq and the S&P 500 finished the session in negative territory, although the narrower Dow closed slightly higher. Monthly jobs report on Friday.
Yesterday's Technical Review using
WB's Emini Clock and Wyckoff's Tape Reading Principles
Looking at the close the previous day Wednesday, it was a mirror of the close the previous day Tuesday. The difference was that GLOBEX held the close. As GLOBEX traded the previous night's price was quiet for the most part. Then came about 3:30 am. By 7:00 am the 43 handle was probed.
As the market opened we had a slight rally up to the close from the previous day. Price held in a tight range until the 10:00 am news. You can see a 10 minute rally and then price is held in check. A dip down to 10:30 am shows very little volume. This is bullish price behavior. It is a hint that higher highs may not be too far away.
You can see a series of higher highs and higher lows up till about 11:00 am. For the next 10 minutes, price just grinds up with lifting supports. Then for the next 5 minutes, you can see price pulling away from the supports. It's giving a hint that the insiders may be marking it up to sell on the highs.
At 11:15 am you can see a volume surge in price as the public enters and the professionals exit. Price starts to round over. A dip down to 11:20 am and volume is still high. The confirmation that high just may be in comes in as a rally to test the current interday high.
At 11:20 am the volume just drops off. Bulls were unable to gain a following to get the younger bulls to enter. As the price breaks through you can see the price extend upward as volume starts to increase. Just looking at normal price behavior you can see it's straight up.
I'm starting to become very suspicious of this advance on such a large volume.
Notice from 10:15 am to 11:15 am (just at 60 minutes) that a shelf of supply from GLOBEX high was slowly being absorbed. If you look at the previous day the halfway retracement is tested. I'm suspecting that this volume surge may be climatic on the buy side.
I'm starting to get concerned that this advance is attracting an expanding public following. This increased public participation creates an active demand (of poor quality) which facilitates unloading (supply of good quality) by large interests at prices advantageous to themselves.
This is confirmed at 11:30 am as volume increases on the down wave. This is the first time volume was so great on a down movement for the day. If you were long from the lows this would be the time to get out.
The rally back up confirms the bearish notion that price is unable to hold the upthrust to a new high on such heavy turnover (which is characteristic of distribution), I'm now suspecting that this volume surge may be climatic.
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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.
Until then…Don't miss any Future FREE Webinar invites or Daily email UPDATES.
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good morning today is SERIES S2L IFFY with the spill up.
News: Employment Situation at 8:30, Factory Orders at 10:00, ISM Services Index at 10:00. All times EST.
Last Night: It was looking good till about 3:16 am and then the bears got win of a win and took price down.
Edge: I'm iffy today with the Jobs number they may try to second guess the FED and we could be oversold as the PEONS got over thier skies.
7/8/9 AM: Bulls found a bid around the 11 hanlde. Holding till jobes numbers.
Today: Bulls saw an air drop last nite. Bears have possession of soap.
Bulls Want: 28, 34, 43
Bears Want: 09, 00, 97
Globex: 25 handle trading range on 138 volume.
Cycle Bias: Favored to the bull.
Tone: VIX trading at 14.39
Shape of the day: After the jobs numbers this could get interesting.
Last week of the Santa Clause rally.
Honing: Spill up, AM LOW, (no mid am), 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: Jobs number out and of couse they sold it down to the big even. Holding for now.
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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