WyckoffTrader-AMTurn-01252024
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 relatively lackluster performance during trading on Tuesday, with the major averages bouncing back and forth across the unchanged after ending Monday's trading modestly higher. Despite the choppy trading, the S&P 500 reached a new record closing high.
Yesterday's Technical Review using
WB's Emini Clock and Wyckoff's Tape Reading Principles
As the market opened Globex has held Tuesday's close all night until just about midnight. Then, just after the stroke of midnight price started lifting offers like it was snowing in Colorado. Of course, by the time the PEONS got around price had gotten itself over its skis.
The 4924 handle was set as the goalpost for the Bulls just before the opening. After the opening, price started offering down. I had Bears Want: 16, 05, 89 (from page 3) as the potential area where a bid may enter back in. And it did. Well almost within 4 handle. Price then rallies up where HIGHER ALL TIME HIGHS by 10:45 am.
Now, I'm getting concerned. The move from 10:05 am to 10:30 am recovered most of the loss but the move from 10:30 pm to 10:45 am lifted the supports far away from any professional who would buy. As the move lifted, volume was far away from 10:40 am to 10:45 am showing.
This indicates potential public entering into the market. This encourages the older bulls to give them some. Give em' a bunch and see how much they can stand. Price moved down for 30 minutes and held at the halfway retracement. This is a normal reaction.
Notice an up move for 15 minutes and a down move for 15 minutes holds at the halfway retracement. Then a move up for 25 minutes does not measure up to the previous rally compared to volume. The move down quickly gives up over half of its gain in within 10 minutes. This is a change of behavior. This is telling you daddy bull is getting out and babby bull is getting in.
I'm thinking I better get out of my position on the next rally. It's a bulge. Price moves up for 15 minutes and the volume is nowhere to be seen.
A small dip holds but then the next 10 minutes move up is pittful and volume drops out of sight.
If you were in the trade, you'd better give it up cause by 1:05 pm price was no longer there and the down move continued till the close.
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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 with the spill up.
News: PMI Composite Flash at 9:45, EIA Petroleum Status Report at 10:30. All times EST.
Last Night: Tested the 93 and poped back up to the 05 handle. Potential automatic rally and secdonary test completion. Now trading around the 4900 handle waiting on 8:30 news.
Edge: Price has held the clsoe of the past two days. Potential selling climax yesterday on terminal shake out. Bulls will need to make a quick show today. How deep is your three down to the PEON close in the AM turn.
7/8/9 AM: After a higher test at the 96 price is challenging the big even.
Today: The jobs number may set the tone for the day.
Bulls Want: 08, 14, 21
Bears Want: 95, 88, 82
Globex: 11 handle trading range on 138 volume.
Cycle Bias: Favored to the bull.
Tone: VIX trading at 13.25
Shape of the day: Odds and probabilites with lean on bulls
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, loupie loop, LAST HOUR odds HIGH
Bill Fish (4H/4D) Added more long at MID AM LOW. Holding LONGS. LONG
Tuna (30m 1+D) Added long at MID AM LOW and mid pm low. Holding LONGS. LONG
Sardine (5M-1D) Got long at MID AM LOW. Held till LAST HOUR HIGH. OUT.
Pre Opening: Bulls have wind to their sail took out Globex high and trading higher at 4909 handle.
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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