WyckoffTrader-AMTurn-03172023
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 recovered from early weakness and moved sharply higher over the course of the trading session on Thursday. The major averages all showed strong moves to the upside on the day, with the tech-heavy Nasdaq leading the advance. Stocks rallied following a report from the Wall Street Journal.
Yesterday's Technicial Review using
WB's Emini Clock and Wyckoff's Tape Reading Principles
Price opens below the high and close of the previous day and appears to be a choppy day. The spill up seemed to be real. The news at 10:00 am checked the rally. Price dips down and tries to find a new low. However, price is stronger and not allowed to take out the low. Perhaps it was the news. Is it a temporal or a tenuous bank collapse? And now it looks like the misses is walking back the inflation comments.
Whatever the catalyst was you can see it across all DOW 30 securities. We were looking for the AM LOW and we got it. However, I did not expect it to be that aggressive rally up to the MID AM HIGH. An hour and a half run. It does not get better than that. A slight dip for just 15 minutes. And then it's the running bulls again.
At 1:10 pm we tag a new high. Price drifts down for 85 minutes to 2:35 pm. The lost just over slightly half of the rally. And then it's 75 mintues rally to print a new high of day. The close is strong and out of the previous day's range.
Price is now out of a potential area of accumulation range since last Friday and looking to take on 3/9 (Thursday) highs. Its going to do it today would be the day. It's a strong bullish day. Perhaps we will get a bump from Globex to edge the bulls to higher aspirations.
The bulls brought this back up to the 4000 handle. I remember a few weeks ago that was a formable level. And there was also a 200 SMA that bandied about before price broke through. It's the bull's ball to lose today.
By my eye, I'm not really seeing that contagion spreading much further. They made the goal "Nationalize the Banking System" and raise awareness to how money works. I just can't imagine how/why a sovereign person would deposit more than the insured amount. As a programmer, it looks like they could have programmed that.
good morning today is SERIES S4H and the SPILL is down.
News: Industrial Production at 9:15, Consumer Sentiment at 10:00 AM ET. All time EST.
Last Night: Held the high, then went higher and failed.
Edge: It's the last day of cycle and a Friday. Do the math. Potential for bullish day.
7/8/9 AM Trade: Selling off a bit. Down to the lunch SLOG low.
Today: Potential to end on a bullish day if the wind is to the bulls side.
Globex 29 handle trading range on 178 K volume.
Bulls: need to retake the 4000 want to take the 4066 handle.
Bears: need to retake the 3987, want to take the 3935 handle.
Cycle Bias: Potential favored to bulls.
Tone: VIX trading at 24.61
Shape of the day: Three doors: Normal, Wedge Zoom, Link a Stink
Honing: Spill down, AM HIGH, MID AM LOW, lunch high, mid pm low, LAST HOUR HIGH.
Pre Opening: Price is trying to retrace yesterdays range. Potential chop on the open.
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/
