WyckoffTrader-AMTurn-03232023
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 showed a lack of direction throughout much of the session on Friday before coming under pressure in the final hour of trading. The major averages all moved sharply lower, with the tech-heavy Nasdaq pulling back after reaching its best intraday level in over a month.
Yesterday's Technicial Review using
WB's Emini Clock and Wyckoff's Tape Reading Principles
I started to day with bullish tendencies. And for the most part it was bullish. That is until the FED projections were released. The 25 number was given as price spiked up. I'd gotten long just around the start of day and hit the wrong button to exit around 2:00 pm. Hay it happens. I got it closed out a few minutes later. Looks like the bulls had it. That is until realiety set in or a comment was made.
The day set a newer high around 2:50 pm and that's were the soap was droped. The cycle fliped to the bearish perspective as the newer low was made at 3:10 pm. A 10 minute rally recovers just half of the decline as price starts to roll over around 3:20 pm.
For the rest of the day it was bid hitters and whack a moles. Did some bulls get stuck at the highs? I'd say yes. Is the increase in deposit insurance in our future? Was the Mrs Hot on the mike? Yes. And markets got absolutely killed and hamered till the close.
Would it been better to have gone fishing today? Perhaps. Looks like the cycle is fliped to the bearish side. For now. As I write price as slid down to the 3970 handle and trying to get out.
Are we stuck with the Mrs? Perhaps she got a coaching. The bulls did not need to hear that after being told otherwise. The Powers showed their hands yesterday. The decision to protect capital over people is very clear. End the end, it gets all burned down?
The media is on the hunt for more bank failures. Let's roll with the bearish side today. Perhaps we may see an oversold technical position or more bid hitters and whack a moles in the near future…
good morning today is SERIES S2H IFFY and the SPILL is down.
News: Jobless Claims at 8:30, New Home Sales at 10:00, EIA Natural Gas Report at 10:30. All time EST.
Last Night: Plunged down to 3970 then dug itself out of it's hole to trade at 4000 handle.
Edge: It's iffy due to potential oversold.
7/8/9 AM Trade: Found supply at 4000 handle a came back to 3980 handle.
Today: Will need to see if price is low enough for acceptance of value.
Globex 31 handle trading range on 218 K volume.
Bulls: need to retake the 4000 want to take the 4024 handle.
Bears: need to retake the 3966, want to take the 3932 handle.
Cycle Bias: Potential favored to bears.
Tone: VIX trading at 21.40
Shape of the day: Potential for selling pressure most of day.
Honing: Spill down, AM HIGH, (no am), lunch low, mid pm high, LAST HOUR LOW.
Pre Opening: Potential chop at open. Trading in a tight range.
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/
