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
Off the session's lows on Wednesday, but still ended on a weak note, with bank stocks feeling the brunt of selling pressure. The major averages all recovered well from the day's lows, but the Nasdaq managed to close with a small gain. Swiss lender Credit Suisse contributed to the bearish sentiment in the market.
Yesterday's Technicial Review using
WB's Emini Clock and Wyckoff's Tape Reading Principles
Now I don't know what Alog's do what, nor what time they do them. The clock is waiting to get in synch with the market. We opened gap down. There was a potential to reenter the previous day's range. You could tell the bulls were weak by the way they closed out the last 4 hours of yesterdays trade. I'm not saying their was pressing supply just that bulls were unable to gain a following at those current highs.
At the open, within 15 minutes price was knocking on yesterdays low. As the rally was checked, that would have been the place to have gotten short. Fifteen minutes later price moves down and tags and new low as price extent is greater on the down side. Five minutes at 10:05 am price is unable to take out the current high (wetbeaks) and moves down for 40 minutes setting a lower low.
It's looking good for the bears but now price snaps back and 30 minutes later we are testing the high of the previous rally. Just looking at price action up till then, you get the impression price is becoming boyant. Like a beach ball at the "kick off summer" ATO frat party. Pushed under the water by one of hanks girls and then quickly pops back up out of the water.
Now we have a drift down till for just over a hour and at 1:00 pm. As WB might have said; "At 12:55 pm (I'm sure it's some algo) the bears droped the soap!"
The beach ball is boyant and pops up to the current high. Bears are able to give just 10 minutes push down and at 2:20 pm pops out of the pool and on to the front lawn. That's code for the previous day's lower range. Bulls have possession and bears are unable to gain a following.
It's 3:55 pm price has retraced just half of the previous rally and price pops up and closes strong on the close.
good morning today is SERIES S3L and the SPILL is up.
News: Housing Starts and Permits & Jobless Claims & Philadelphia Fed Manufacturing Index & Import and Export Prices & EIA Natural Gas Report at 10:30. All time EST.
Last Night: Bulls tried to take price higher and failed. (same today)
Edge: Price is holding at yesterdays highs
7/8/9 AM Trade: Trying to hold a bid at the highs.
Today: May see a tighter trading range or a drift up or down.
Globex 39 handle trading range on 158 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 bulls.
Tone: VIX trading at 26.49
Shape of the day: This day has a higher potential to hold the highs
Honing: Spill up, AM LOW, MID AM HIGH, lunch low, mid pm high, LAST HOUR LOW.
Pre Opening: Potential for a slight gap open, gap and go or gap and crap.
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-55/