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
U.S. stocks turned in a mixed performance on Monday with technology shares outperforming the broad market. Investors largely refrained from making significant moves as they awaited updates on debt ceiling negotiations. Biden and McCarthy, hold talks on raising the debt ceiling.
Yesterday's Technicial Review using
WB's Emini Clock and Wyckoff's Tape Reading Principles
As the market opened Globex was already testing the highs of Friday. Rumors were a meeting with opposing sides Monday afternoon. For the first fifteen minutes it looked like the bulls were gaining a following. It was not to last as stronger longs started to close out some of their positions
The market started to sell off hard. And where do you thing a bid came back in? That’s right the lows of Fridays trade. A quick rally recovered just half. Of these losses and then a slow drift back down was checked at a higher high. This is indicating strength. Those in the know are willing to support the market and are willing to pay higher prices than before.
By my eye the volume on these tests look to be about the same. Supply at least for now is not drying up. Providing if the next news catalyst is not to the markets liking perhaps an additional test to shake out the weakest of hands. For now at least price behavior is protesting positive bullish price behavior.
You might want to make the arguement the day was more of a S2H series day. And prehaps it just might have been. We will know more tomorrow what price might have in mind. The LAST HOUR HIGH was more of a hook than a high. This is showing some minor weakness.
As I type, GLOBEX is showing two distributions and trading back at the highs. This may change as we get closer to the open. I'm still leaning they are treating this as distribution. At least as Mr. Hafway is concerned. Somebodys getting out…
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good morning today is SERIES S3L IFFY and the SPILL is up.
News: PMI Composite Flash at 9:45, New Home Sales & Richmond Fed Manufacturing Index at 10:00. All time EST.
Last Night: Attempted to wetbeak the CASH high and failed miserbaly. Currently trading CASH low.
Edge: This day could flip to S3H day.
7/8/9 AM: Checked at Fridays afternoon high (automatic rally)
Today: Debt cealing is in focus same today.
Globex 27 handle trading range on 168 K volume.
Bulls: need to retake the 4231 want to take the 4244 handle.
Bears: need to retake the 4196, want to take the 4172 handle.
Cycle Bias: Potential favored to bull. (could flip)
Tone: VIX trading at 17.71
Shape of the day: Potential for bullish day. (could flip)
Honing: Spill up, AM LOW, AM HIGH, lunch low, mid pm high, LAST HOUR LOW.
Pre Opening: By open, you could see a gap down. Bulls will need to defend else a up thrust is in the works.
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 $8 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: May 5 Flower Moon 1:34 pm. First day of Summer Jun 21 10:57 pm (all times est)
Last Friday's Opening print: https://mrtopstep.com/from-the-desk-of-wyckoff-trader-55/