WyckoffTrader-AMTurn-03222023
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)
Following the sharp pullback seen last Friday, stocks fluctuated over the course of the trading session on Monday but largely maintained a positive bias. The strength on Wall Street partly reflected a positive reaction to the latest efforts to address turmoil in the banking sector, including UBS Group's (UBS).
Yesterday's Technicial Review using
WB's Emini Clock and Wyckoff's Tape Reading Principles
Perhaps the PEONS got over their skis last night and the "DOG" decided to let – let sleeping dogs lie. As traders in the seat, most just let the day trade away. It was the last day of the cycle. With the exception of the AM HIGH, which was early and weak that was it. I've got BRK.A at the top chart on page 8. A lot of volume hit the tape five minues before and five minutes after 10:00 am.
Most traders stood by and waited until the high of Monday. It was never touched. The low of day came in MID AM LOW at 11:50 am. Then a drift up till 1:40 pm. And a drift down at 2:05 pm. The clock was telling you. That is if you wanted to listen. Sure I thought it'd be different. Perhaps more bullish. Blame that on the PEONS.
Currently was are at the upper edge of the supply line. All the pundents are saying, you'll never see a 4,800 S&P again. Perhaps, but first bulls have to take out the supply line. Now, could a 25 bps help? Say tomorrow?
Their was/were/will be a lot of eddies and cross currents this and the following weeks. The people want safety in thier banking system. Not so sure this is going to be the ideal solution. The Fed's are pushing for digital and Microsoft is looking to add a cryphto wallet into their brower. You need physical wallet. Not a softare wallet.
Everone is asking what is the conversion ratio? That's the one thing they are not tellign us.
Either way we are not in control. We are just cought in the wake of the ebb and flow. You may want to read that long game again on page 7. I wrote those forecasts three years ago and now, they are not that far away!
good morning today is SERIES S1H and the SPILL is odds down.
News: EIA Petroleum Status Report & 10:30, 4-Month Bill Auction at 11:30, FOMC Announcement at 2:00, Fed Chair Press Conference at 2:30. All time EST.
Last Night: Diped down to test the halfway retracement of the afternoon rally and traded back up to the top.
Edge: First day of cycle and a very tennius FED day with expectations of 25 bps.
7/8/9 AM Trade: Trading in a slight down turn.
Today: Potential to end on a bullish day if the wind is to the bulls side. (I've said that yesterday)
Globex 19 handle trading range on 138 K volume.
Bulls: need to retake the 4057 want to take the 4070 handle.
Bears: need to retake the 4022, want to take the 4010 handle.
Cycle Bias: Potential favored to bulls.
Tone: VIX trading at 24.61
Shape of the day: Odds and probabilities of a bullish day
Honing: Spill odds down, loupie loop, LAST HOUR ODDS HIGH.
Pre Opening: Potential gap or trading at yesterdays highs
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/
