WyckoffTrader-AMTurn-05242023
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)
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
Here is what I said yesterday: "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…"
PROS AND NUMBAHAS: "Edge: This day could flip to S3H day. Bears: need to retake the 4196, want to take the 4172 handle. Pre Opening: By open, you could see a gap down. Bulls will need to defend else a up thrust is in the works."
Actionable Trade Ideas: "How I see it: Looked like Composite Man was looking to get price higher to get a short on. My read is they are not going to buldge on the debt cealing. Spook the general population. 45% Recession soon."
Yes these are interesting times we are living in! (it's a Chineese curse)
Yesterday was a classic Gap and go day. It took a little while for the go to get going. Looking at price behavior yes you would have fliped the day. By 9:45 am price tests the low of the previous day and is unable to gain a following you can see the low volume. (mostly little to no volume most of the day)
Price is held in a tight range that is up into 12:00 pm where the bid drops out and price just starts to hit the bid on the way down. Around 1:00 pm a bid starts to come in on increased volume and price starts to lift a bit.
It's mostly news driving with will they or won't they meet today. The Debt Cealing talks are driving this thing as Silicon Bank (did I say bank) valley is setting up the next new shiney (AI). May you live in interesting times…
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Wyckoff Trader
good morning today is SERIES S4L and the SPILL is up.
News: EIA Petroleum Status Report at 10:30, FOMC Minutes at 2:00. All time EST.
Last Night: Droped it like it was hard all the way through half way supports.
Edge: This day could be selling pressure.
7/8/9 AM: Found a bid around 5/17 rally low.
Today: Debt cealing is in focus same today. FED Munutes at 2.
Globex 27 handle trading range on 208 K volume.
Bulls: need to retake the 4180 want to take the 4198 handle.
Bears: need to retake the 4111, want to take the 4105 handle.
Cycle Bias: Potential favored to bear.
Tone: VIX trading at 19.61
Shape of the day: Potential for bearish day.
Honing: Spill up, AM LOW, AM HIGH, lunch low, mid pm high, LAST HOUR LOW.
Pre Opening: 10 handle and more gap down coming into supports.
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/
