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
U.S. stocks tumbled on Friday and the major averages all ended notably lower as concerns about the potential fallout from the implosions of Silicon Valley Bank (SVB) and Silvergate Capital triggered a sell-off in the financial sector. Investors also digested the crucial non-farm payroll for February.
Yesterday's Technicial Review using
WB's Emini Clock and Wyckoff's Tape Reading Principles
Ok first, those bank stocks were selling off the last two days. Friday, JPM and BAC were not selling off. By my eye, they were gettting a bid. I did not see all the gloom and doom. It was an S1 day. I had the cycle inverting so it was S1H but the day ended as S1L. It's odds and probabilites so the day can flip and it did.
Some how around 11:30 am price finds itself at the highs of day amoung most securities. Biggesr picture it just sells off all day. By 2:00 pm it has reached the oversold line and was giving respect to the trend line. Perhaps it was bigger shorts closing their shorts. On the DOW 30 I saw BA getting a strong bid and taking out all the offers on it's way back up.
Some say it was due to Silcone bank. I saw the banks selling off eariler this week. Perhaps it was interest rates. I'm still not seeing it really bearish. Price did work it's way back down to test the lows. And on every break it seems to be getting a strong bid.
This day is the fourth day in a bearish cycle. Perhaps it will start to get more bullish as a start of a new week begins. Price really does not seem to be responding to the news. That is with the exception of J Powell on the mike. It's more about second guessing what he might do as opposed to what the fundemantials show.
It's a traders market. And if you are looking for the ideal trade with confience, perhaps you might want to keep looking. This markets for now are more about weaker hands with exacting numbers to fade or trade.
Keep calm and carry on. It's dayling saving time so the clock may be out of synch for a few… The PEON clsoe is going to be skewed. Keep that in mind.
good morning today is SERIES S4L Normal and the SPILL is up.
News: No news of note. All time EST.
Last Night: Bulls attempted to take out Fridays high failed and bears took over and took out the lows.
Edge: It's a Normal with the last day of cycle on bearish news catalyst.
7/8/9 AM Trade: Sprung CASH low on increased volume.
Today: May open gap down, Gap and go or Gap and Crap.
Globex 101 handle trading range on 688 K volume.
Bulls: need to retake the 3897 want to take the 3943 handle.
Bears: need to retake the 3806, want to take the 3788 handle.
Cycle Bias: Potential favored to bear.
Tone: VIX trading at 29.24
Shape of the day: Could see futher downside price behavior or an inversion with a rally.
Honing: Spill up, AM LOW, MID AM HIGH, lunch low, mid pm high, LAST HOUR LOW
Pre Opening: Price has gaped down below Fridays low, looking for direction.
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/