WyckoffTrader-AMTurn-03102023
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)
After failing to sustain an early move to upside, stocks moved sharply lower over the course of the trding session on Thursday. The major averages renewed the sell-off seen on Tuesday, with the Dow tumbling to its lowest closing level in four months.
Yesterday's Technicial Review using
WB's Emini Clock and Wyckoff's Tape Reading Principles
Ok, I did not think the bears would bring it but they did! However, there were some highs. We have an opening drive up for 20 minutes. A pullback for 5 minutes looked like it was going to hold the highs. Then a move back up starts to seal in 5 minutes. This is telling you the bulls are unable to gain a following.
If you needed more and just were not sure. Then a 10 minute down move loses all but all if the current day's gain. BY 10:30 am it might have looked like the bulls were back in charge. 20 minutes later, it was apparent they were not. A rounding over starts to show supply is entering back into the market.
20 minutes later price tags a new low of day. 10 minutes later at 11:20 am, bulls dropped the soap and give up the fight as price shows its lowest gain for a rally all day.
If you were waiting for all the stars to align up, that might have been the alignment you were looking for. The high on this rally is just in line with the high of the previous day. It's 11:30 am and the PEON close. Bulls have given it all they got. You can hear the soap drop and the bears take charge.
If you went with your feelings or your gut. You'd been right. If need more to dip your toe in the water, you would not have long to wait.
At 12:00 pm you can see price plunge through the close of the previous day. Volume increases. Then a 30 minute rally regains just half of the decline.
At 12:35 pm you can see price rollover as a bid just drops out of the market. By 1:30 pm we've taken out the previous day's low and bears have just begun.
good morning today is SERIES S1H and the SPILL is odds down.
News: Employment Situation at 8:30. All time EST.
Last Night: After yesterdays hard sell off, price drifted lower found a bid and rallied to the 20 handle.
Edge: It's the first day of the cyle and a last day of week. Price may be slightly oversold.
7/8/9 AM Trade: Holding in a tight 10 handle range.
Today: May open indside yesterdays range with some chop. (same as yesterday)
Globex 36 handle trading range on 398 K volume.
Bulls: need to retake the 3960 want to take the 4000 handle.
Bears: need to retake the 3884, want to take the 3824 handle.
Cycle Bias: Potential favored to bear.
Tone: VIX trading at 19.85
Shape of the day: Could see futher downside price behavior or an inversion with a rally.
Honing: Spill odds down, loupie loop, LAST HOUR ODDS HIGH
Pre Opening: Jobs number has taken price deep inside yesterdays range.
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/
