WyckoffTrader-AMTurn-01232024
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 higher on Monday and the major averages all ended at new highs, amid optimism about the outlook for earnings. The Dow, which climbed to a new high at 38,109.20, settled at 38,001.81, gaining 138.01 points or 0.36 percent. The S&P 500 ended with a gain of 10.62 points or 0.22 percent.
Yesterday's Technical Review using
WB's Emini Clock and Wyckoff's Tape Reading Principles
After such a strong showing last week (especiall Friday) bulls now got themselves into a bit of a quarnry. Looking at the daily chart you can see a range 4767 up to 4839 handle. Friday's price behavior put that just north of 4874 handle. Over the weekend the pundents sang the praises of the new high.
This encourages the weaker bulls or the younger bulls wtih the fear. The fear of missing out. Once the emotion is in the equation, the enboldens the older bulls to sell what they got whiles the buyings good.
Now, Monday shows some of that started. The concern now is a potential up thrust. The bulls need to show a strong aggresive front and hold the gains from Friday's CASH rally else they chance a terminal upthrust.
A terminal upthrust is when after an area of distrubtion (just as described above) price rallies up to get on the shorts and then quicly fades back down into the trading range.
After the open price tried to take out the big big even and failed short about 8 handles of the mark. Once the bigger players saw this failure, they hit the offer till about 11:00 am. Then a rally failed at the halfway retracement. This emboldend the bears to offer down to print a newer intraday low.
Price tries to rally at 3:30 pm and falls short of the mark. The close is weak price pulls back to the lows.
Currently Globex is holding the lows trading in a 5 handle range at least for now. Longer term traders may have moved thier stops up to protect gains waiting to lock in providing bulls fail to show up in the days ahead.
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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 S4H with the spill down.
News: No news of note. All times EST.
Last Night: Held Monday's weak close within a 9 point range.
Edge: Some traders are talking about gap and go. First we got to get above or below to go. Bull will need to hold thier gains.
7/8/9 AM: Got a slight bid and set a new Globex high.
Today: Potental to see yesterday's low tested to complete the seconday test.
Bulls Want: 88, 96, ?
Bears Want: 73, 64, 59
Globex: 9 handle trading range on 138 volume.
Cycle Bias: Favored to the bull.
Tone: VIX trading at 13.19
Shape of the day: Normal, Wedge Zoom, Link a Stink.
Bigger traders are back in town as well as politications (they left for the week). Not seein pressing supply but the public may start to enter if price goes up.
Honing: Spill down, AM HIGH, MID AM LOW, lunch high, mid pm low, LAST HOUR HIGH
Bill Fish (4H/4D) Holding LONGS. LONG
Tuna (30m 1+D) Holding LONGS. LONG
Sardine (5M-1D) Waitng for direction. OUT
Pre Opening: Bulls seems to be getting a following to take price higher.
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: January 25 Wolf Moon 12:54 pm Spring Equinox March 20 5:24 pm (all times est)
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