WyckoffTrader-AMTurn-03202023
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)
Sharply higher over the course of Thursday's session, stocks pulled back sharply during trading on Friday. The major averages all showed notable moves to the downside on the day, with the Nasdaq snapping a four-day winning streak. Traders looked to cash in on Thursday's rally amid lingering concerns.
Yesterday's Technicial Review using
WB's Emini Clock and Wyckoff's Tape Reading Principles
Ok. It was not so bullish: My Story: This was a no brainer regarding the banking issue. The Billionaire Boys Club always get the bail. Didn't you see the movie? I'm thinking it just factors into the long game. Yes I'm bullish it's a Friday but we are back to the big 4000 even. And talk of options expiration / triple witching in the fray.
Still the bulls held the halfway retracement of the previous day.
We will know more this week how true this might be:
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.
You could call it a wedge zoom, but it really was not that strong. It wasnt' a normal. Then, perhaps a wedge zoom. Yet once we got a bid at the MID AM LOW, price was unable to retrace just half of the decline. Not a strong story for the bulls either.
Next we tag the lunch high at 12:30 pm on a volume spike. The mid pm low is late and strong. If you were looking to get long on the retrest of the current interday low that would have been just before 3:00 pm.
It was a Friday. The last day of the cycle. And talk was the failing banking industry. Who want's to go home short? Who wants to go home long?
Today we get to do it all over again. I'm still bullish.
good morning today is SERIES S3L Normal and the SPILL is up.
News: No news of note (spring equinox is today). All time EST.
Last Night: Price has been holding at the low of Fridays trade.
Edge: It's first day of week and a new cycle. Let's see how/where price trades.
7/8/9 AM Trade: For now, holding a bid.
Today: Potential to end on a bullish day if the wind is to the bulls side. (I've said that Friday)
Globex 33 handle trading range on 188 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: It's a new week with a lot of eddies. Let's see how price trades.
Honing: Spill up, AM LOW, MID AM HIGH, lunch low, mid pm high, LAST HOUR LOW.
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/
