WyckoffTrader-AMTurn-05252023
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 steep drop seen in Tuesday's session, stocks saw further downside during trading on Wednesday. The major averages all moved lower, with the tech-heavy Nasdaq pulling back further off the nine-month closing high set on Monday.
Yesterday's Technicial Review using
WB's Emini Clock and Wyckoff's Tape Reading Principles
Jannet Yellen an't gelling; "Yellen doubled down on the issue in a May 22 letter to McCarthy, noting it’s “highly likely” the U.S. government would run out of cash by June 1, a scenario that would inflict “severe hardship” to U.S households." Not everyone is buying the hard June 1 deadline.
Yesterday was the last day of the cycle. You could see on the gap down bears were soon encountering a bid at the lows. Volume swelled at 10:10 am with lower volume at 11:00 am. Price quickly snaps back up and it checked 30 minutes later at 11:30 am. Next price drifts back down and by 12:30 pm you can see a lower low but the volume is drastically reduced.
It's during the lunch SLOG so one would think that might be normal. An hour and a half later price is challenging the 2:00 pm high. If you need more confirmation before you get long here it is. Notice the intensity to gear up at the 2:30 pm low as volume swells up again. Notice the volume is less volume and price holds at a higher support than the price behavior at 10:10 am mentioned prior.
At 3:00 pm price starts to show signs of buoyancy as the offer is taken out. Thirty (30) minutes later price tags a higher high and takes out the current intraday high. As price is moving up you can see the volume increasing in proportion to the raising trend. Then from 3:30 to close, price pulls back to find support at the halfway retracement of the previous rally.
It's mostly news driving with will they or won't they meet today? The Debt Ceiling talks are driving this thing as Silicon Bank (did I say bank) Valley is setting up the next new shiny (AI). May you live in interesting times…
This content is 100 percent Human Made Organic (HMO)
Wyckoff Trader
good morning today is SERIES S1H and the SPILL is up.
News: GDP & Jobless Claims at 8:30, Pending Home Sales Index at 10:00, EIA Natural Gas Report at 10:30. All time EST.
Last Night: After Settle droped down to test the 31 handle then rallied. Droped to test the 35 handle then ralied again. Took out the CASH high. Seeing some supply at the 61 handle.
Edge: This day could be buying support.
7/8/9 AM: Now trading in 5/24 range.
Today: Debt cealing is in focus same today.
Globex 29 handle trading range on 258 K volume.
Bulls: need to retake the 4180 want to take the 4198 handle.
Bears: need to retake the 4131, want to take the 4113 handle.
Cycle Bias: Potential favored to bull.
Tone: VIX trading at 18.93
Shape of the day: Potential for bullish day.
Honing: Spill odds down, loupie loop, LAST HOUR ODDS HIGH.
Pre Opening: 10 handle and more gap up coming into supply.
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/
