WyckoffTrader-AMTurn-02132024
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 showed a lack of direction over the course of the trading session, with the major averages bouncing back and forth across the unchanged before eventually closing narrowly mixed. The choppy trading on Wall Street came as traders took a breather following recent strength, S&P 500 above 5,000.
Yesterday's Technical Review using
WB's Emini Clock and Wyckoff's Tape Reading Principles
Are we there yet? Have we reached the all time highs (at least for now). Well perhaps not. The headline does start some concern.
"Dow Reaches New Record Closing High But Nasdaq, S&P 500 Give Back Ground"
Each dog has had it's day in the sun. The DOW was no exception yesterday.
BY my eye the main driver in the market yesterday was AI or NVDA. It mirrowed the S&P more than any other. The day was S4H noral. That means the day starts with one or more days where the day did not trade. Normally it's just 2 days but with a holiday it's 3 days.
The AM HIGH was late and strong. Sealed around 10:55 am. The MID AM LOW was early and weak about 11:05 am. The lunch high was a hook. Just 10 minutes off the center time of 1:30 pm with a wet beak of the current intra day high.
Mid pm low came in just 60 minutes later at 2:20 pm. With the LAST HOUR HIGH 3:55 pm late and strong but traded weak compaired to the day's range.
Was this the top. Perhaps. Pehaps not. Price just retraced the range of the Globex activity. Price never breached the high of last Friday's trade. Now, if price loses more toay, then perhaps a small chink in the bulls armor.
Yesterday's price behavior may have set a new tone in the bearish price behavior. The day marked the first time a bearish wave duration and distance took more gains away from the bulls then previous days.
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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 S1L with the spill odds down.
News: CPI at 8:30. All times EST.
Last Night: Held the close and the three day pivot around 5033 handle. Lost it. Found support at 5022 handle.
Edge: Could see a drift back to test some of yesterday's range. (yes we got that yesteday).
Could see some give back to weekly pivot and then a move to regain some of yesterday's loss.
Perhaps waiting on tuesday CPI numbers.
7/8/9 AM: Determined to hold the 5022 handle with tight range.
Today: Potential to retrace yesterday's range.
Bulls Want: 36, 48, 58
Bears Want: 16, 04, 96
Globex: 23 handle trading range on 148 volume.
Cycle Bias: Favored to the bull.
Tone: VIX trading at 13.36
Shape of the day: Odds and probibalities.
Honing: Spill odds up, loupie loop, LAST HOUR ODDS DOWN
Bill Fish (4H/4D) Held existing longs. LONG
Tuna (30m 1+D) Held existing longs. LONG
Sardine (5M-1D) Got long at AM LOW out at MID AM HIGH. OUT.
Pre Opening: After the numbers price just gave it up took out the weekly pivot and traded down to 4985 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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