WyckoffTrader-AMTurn-02152024
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
I trust the trades you made today covered your flower bill. I talked about we had a potential selling climax and was in progress in finding the seal of the automatic rally.
In the Strategy on page 3 I said: "Strategy: Yesterdays potential selling climax and automatic rally shows strength at the close. Price regained most of the previous rally high. Bulls will need to defend three day pivot of 91 down to the 81. Get long on the secondary test / AM LOW seal. Exit half on Selling Level Two 5017. Exit rest on close if holds 32 handle."
Well I was close the low of day was 10 point lower at 4972.75 handle. Perhaps were the AM LOW sealed at 4980.50 you just took 50 (fifety) cents heat. The S2L day has a potential for a "how deep is your three?" That's refering to the turn 3. Since we do not have a MID AM turn we have the potential for price to drift down to the PEON close and lower.
So straight up 12:00 pm price checked the previous day's close and found a bid. Next we are looking for the lunch high. Notice it's sealed around 1:20 pm just about center time. A drift down to the mid pm low should have been what you needed to get on board. For the bull ride of the day. Notice the mid pm low just wet beaked the AM LOW.
That's telling you we've had 3 hours of accmulation to start moving (marking) price up. Notice just after the mid pm low seal price moves up to the lunch high and gives back just a little. At 3:00 pm price starts to move up on increased volume.
Notice from 3:35 pm the effort and result are in agrement. Price and volume move up in proporation to each. And where is the high of day?
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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 S3L with the spill up.
News: Jobless Claims & Retail Sales & Philadelphia Fed Manufacturing Index & Empire State Manufacturing Index & Import and Export Prices at 8:30, Industrial Production at 9:15, Business Inventories & Housing Market Index at 10:00, EIA Natural Gas Report at 10:30. All times EST.
Last Night: Took all the fun away from CASH and took price back up to where "momma" got thrown off the plane right before the numbers.
Edge: Globex mostly long. May see some retracement of Globex during AM LOW. (same today)
Could see some give back to weekly, 3-day and daily pivot. and then a move to regain some of globex gain.
7/8/9 AM: Holding in a tight range around the 5025 waiting on the numbers.
Today: Looking to hold the gain with some additional gains to the up side.
Bulls Want: 28, 34, 49
Bears Want: 09, 95, 87
Globex: 18 handle trading range on 118 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. Could see a tighter range day.
Honing: Spill up, AM LOW, MID AM HIGH, lunch low, mid pm high, LAST HOUR LOW
Bill Fish (4H/4D) Got long at the MID AM LOW. LONG
Tuna (30m 1+D) Got long at the mid pm low. LONG
Sardine (5M-1D) Got MID AM LOW. Out at the lunch high. OUT
Pre Opening: After the numbers price challenged a new high and starting to see some supply.
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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