WyckoffTrader-AMTurn-01172024
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)
U.S. stocks closed notably lower on Tuesday as higher Treasury yields and concerns that the Federal Reserve may not cut interest rates anytime soon hurt sentiment. The major averages all ended in the red with the Dow finishing with a more pronounced loss.
Yesterday's Technical Review using
WB's Emini Clock and Wyckoff's Tape Reading Principles
After a three day holiday week, price opened weak. And then got on the mike at 11:00 am and price got weaker. It was dismal for the bulls. Bulls tried to hold a bid but price just kept offering back down. Perhaps the market is going to sell off a bit. Liquidation seems to be the path of least resistance.
The day was S1H Normal, that really tells you as WB would day; "It's a good day to go fishing!" Price tried to hold the low but the bid could not hold. By 9:50 am it looked like it might be an up day. Then price stated to hesitate abour 10:30 am, then 10:40 am and by 10:50 it was tighter than Dick's Hats Bank (Souther Saying).
The FED said something the market did not like and volume spiked and price droped.
Price held at the halfway retracement and tested the highs again. On the second test, price started to roll over. This is telling you for now, the bulls up move is being checked. No younger bulls could be inticed into entering into the fray.
By 1:00 pm it looked like a bid was coming back then a weak 30 minute rally showed the bulls were like the politicians in DC. They took a snow day and did not show up to work. Price get's weak and slides back down to a lower low at 2:20 pm.
At the close, price closes slightly weak and volume comes in and ends the day.
And now as I look at Globex price is pressing 4778 and lower.
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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 S2LIFFY with the spill up.
News: Retail Sales & Import and Export Prices at 8:30, Industrial Production at 9:15, Business Inventories & Housing Market Index at 10:00, Beige Book at 2:00. All times EST.
Last Night: After selling off from the close, tries to hold the 4775 handle
Edge: It's now or never for the bulls. If they lose these supports could see retracement back to the lows.
7/8/9 AM: Holding a bid at the 4773 and trying to recover the 4785 handle.
Today: Three day holiday week with a bias to the bearish side.
Bulls Want: 13, 22, 38
Bears Want: 86, 72, 68
Globex: 32 handle trading range on 228 volume.
Cycle Bias: Favored to the bull.
Tone: VIX trading at 14.53
Shape of the day: This day may turn bearish if news encourages selling.
Bigger traders are back in town as well as politications. Should start to see some real direction.
Honing: Spill up, AM LOW, (NO MID AM), lunch high, mid pm low, LAST HOUR HIGH
Bill Fish (4H/4D) Bailed out of LONGS at 11:00 am. OUT
Tuna (30m 1+D) Bailed out of LONGS at 11:00 am. OUT
Sardine (5M-1D) Got long at spill down and got out at AM HIGH. OUT
Pre Opening: After numbers bulls droped soap and bears have possession.
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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