WyckoffTrader-AMTurn-03092023
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)
Following the sell-off seen in the previous session, stocks showed a lack of direction over the course of the trading day on Wednesday. The major averages spent the day bouncing back and forth across the unchanged line. The choppy trading on Wall Street reflected uncertainty about the near-term outlook.
Yesterday's Technicial Review using
WB's Emini Clock and Wyckoff's Tape Reading Principles
After the 10:00 am news droped price spiked down as volume spiked up. It was a spring of the previous day trading range. As also it was the Globex range. A 40 minute rally taged the AM HIGH and confirmed the clock. Next the MID AM LOW sealed 55 minutes later at 11:35 am. 25 minutes later the lunch high is sealed.
This gives us a hint how the last hour may play out. The lunch high wetbeaks the current high of day. The a 130 minute drift back down springs the current low of day. Price is not as great as before and seals the mid pm low. Next we are looking for the LAST HOUR HIGH.
A 50 minute rally up is followed by a 50 minute reaction down that takes away just over half of the advance. At 3:25 pm the shorts are closing and a short covering rally follows. You are looking for the LAST HOUR HIGH and we see the seal 20 minute later at 3:40 pm.
The 10:00 am news was baked in and the market as already factored it in. Price traded around unsettle and the range of the past two days. Wyckoff called it a "Resting Spell." Either potential accmulation (that my bias) or potential distribution for futher downside action.
Employment numbers are this Friday and CPI numbers are next Tuesday with PPI numbers on next Wednesday. Traders are saying will wait too get more information from these numbers. Perhaps today we may see a bit of a move. Most traders are saying they are waiting until then.
Today ends a bearish cycle. Normally the cycle inverts after today. It's the bears ball to see how far / low can they go. Bulls will just step back and let them drop the soap.
good morning today is SERIES S4L and the SPILL is up.
News: Jobless Claims at 8:30, EIA Natural Gas Report at 10:30. All time EST.
Last Night: Traded with in the range of the last hour and ended up in the middle.
Edge: It's the last day of the cycle. Potential to take price lower at the jobs numbers.
7/8/9 AM Trade: Driftng down to test the cash lows.
Today: May open indside yesterdays range with some chop.
Globex 19 handle trading range on 188 K volume.
Bulls: need to retake the 4027 want to take the 4050 handle.
Bears: need to retake the 3947, want to take the 3925 handle.
Cycle Bias: Potential favored to bear.
Tone: VIX trading at 19.85
Shape of the day: Could see futher downside price behavior with a later rally.
Honing: Spill up, AM LOW, MID AM HIGH, lunch low, mid pm high, LAST HOUR LOW
Pre Opening: Potential gap or near gap on the open. Could see a resting spell for futher downside action. The 3990 seems to be the great attractor for now.
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!
Offing Events: War in Ukraine is starting to gear up for full scale kinetic war. And now we have Leopards in the Fray. And now Jets (F-16's). Look for Spring Equnoix as demarkation war / no war. Cost of Inflation is raising $7 eggs and climbing. And the flow entering from Southern border.
Your edge is a series of trades, not just one trade or one day.
Dates: Mar 7 Worm Moon 7:40 am First day of Spring Mar 20 5:24 pm (all times est)
Last Friday's Opening print: https://mrtopstep.com/from-the-desk-of-wyckoff-trader-60/
