WyckoffTrader-AMTurn-02142024
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 moved sharply lower during trading on Tuesday, with the major averages all showing significant moves to the downside after ending Monday's trading narrowly mixed. The Dow pulled back well off yesterday's record closing highs. CPI increased by slightly more in the month of January.
Yesterday's Technical Review using
WB's Emini Clock and Wyckoff's Tape Reading Principles
From yesterday: 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. 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 than previous days."
Ok, enought of that; "Bulls take the stairs, Bears take the elevator!" That best sumed the price behavior after the CPI numbers.
From IMPRO: Wyckoff Trader (8:50:08 AM) : good morning today is SERIES S1L with the spill odds up. (9:48:57 AM) : price broke through all supports but the weekly support one of 4970. (10:26:11 AM) : potential selling climas at the weekly piviot level, now automatic rally in progress. (10:56:06 AM) : potential top for automatic rally; next secondary test. (11:45:23 AM) : NVDA is rulling this market with the summit this week; Altman raising 7 Trillion that with a T. (3:29:34 PM) : price is finding support from the same equidance from the morning trade; a natural area of support.
It was an S1L day so not much to say. The key takeaway was; "price is finding support from the same equidance from the morning trade; a natural area of support." And that was the low of day around 36 handle. Price get's a bid and recovers the previous reaction high.
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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: EIA Petroleum Status Report at 10:30. All times EST.
Last Night: Took all the fun away from CASH and took price back up to the 5000 big even.
Edge: Globex mostly long. May see some retracement of Globex during AM LOW.
Could see some give back to weekly pivot and then a move to regain some of yesterday's loss. (yes we got that yesterday)
Perhaps waiting on tuesday CPI numbers. (the numbers took price lower to a potential selling climax)
7/8/9 AM: Recovered the daily and three day pivot. Seeing some resistance at the big even.
Today: Potential to retrace yesterday's range.
Bulls Want: 15, 27, 32
Bears Want: 86, 72, 65
Globex: 32 handle trading range on 188 volume.
Cycle Bias: Favored to the bull.
Tone: VIX trading at 13.36
Shape of the day: If all the weak hands are out, a strong move to the upside.
Honing: Spill up, AM LOW, (NO MID AM), lunch high, mid pm low, LAST HOUR HIGH
Bill Fish (4H/4D) Got long at the last hour "Bag Holding". LONG
Tuna (30m 1+D) Got long at the last hour "Bag Holding". LONG
Sardine (5M-1D) Got short at intra day high and exited during last hour trade. OUT
Pre Opening: After the numbers price seems to be holding the three day pivot of 4993 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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