WyckoffTrader-AMTurn-02062024
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NEWS / FUNDAMENTALS
(Reuters)
Following the rally seen over the two previous sessions, stocks showed a significant pullback during morning trading on Monday. The major averages staged a recovery attempt over the course of the afternoon but still finished the day in negative territory.
Yesterday's Technical Review using
WB's Emini Clock and Wyckoff's Tape Reading Principles
This was from page three from yesterday:
"Today's Stop: Ideal 20% ATR of 40; 4 to 8 points or 1% to 2% of trading account value.
Tone / Sentiment : After yesterday's recovery younger bulls may want to join the fray. After the jobs number market sentiment became bearish offering down and hitting the bid
Overnight Read: Early trends on the U.S. Futures Index suggest that Wall Street might open lower. The weekly Jobless Claims, Service Sector activity and the U.S. Trade Deficit might of interest to investors. As of 7.35 am ET, the Dow futures were down 39.00 points, the S&P 500 futures were declining 6.00 points and the Nasdaq 100 futures were declining 2.75.
Mathmatical / Technical Read: Inside Day, RSI 66, 5/10 MA Day above. RSI 59 Hour, 5/10 MA Hour below. Globex has traded back down to the daily poivot of 4968 looking to test the lunch low.
Strategy: Price has retraced half of Friday's gain. Look for the dip down to accelerate and come to it's climax. Look to get long after the secondary test. Likely 5/8 retracemet of 4953 handle. Ideal 4947 handle. Watch the rally from seconday test if weak look to sell near Friday's high."
It doesn't happen everday, but it's good when it happens. And we got that. It was an S1H day so the turns were muddy. Around 10:20 am and 10:40 am price dips down to test the Support One at 4947 handle.
You would have took on about 2 handles heat on that dip.
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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.
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good morning today is SERIES S2L with the spill up.
News: No news of note. All times EST.
Last Night: Price has managed to hold the daily pivot 4958.
Edge: Could see a move back up to test the Monday's highs.
Over the weekend FED was shaking up the tree. Price still held in a tight range.We have an inside day from yesterday. And Globex traded inside that.
7/8/9 AM: Price has held in a tight 10 handle rang hugging the 58.
Today: Potential to probe the highs from Friday and this week.
Bulls Want: 82, 97, 07
Bears Want: 62, 53, 39
Globex: 17 handle trading range on 128 volume.
Cycle Bias: Favored to the bull.
Tone: VIX trading at 13.56
Shape of the day: Normall a strong bullish trend day. Bulls will have some overhead supply.
Honing: Spill up, AM LOW, (NO MID AM), lunch high, mid pm low, LAST HOUR HIGH
Bill Fish (4H/4D) Waited Monday out. LONG
Tuna (30m 1+D) Waited MOnday out. LONG
Sardine (5M-1D) Got long at AM LOW out at lunch high. OUT.
Pre Opening: No movement. No news. Holding the 66 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: February 24 Snow Moon 7:30 a.m. Spring Equinox March 20 5:24 pm (all times est)
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