WyckoffTrader-AMTurn-06012023
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 mixed performance seen in the previous session, stocks have moved mostly lower during trading on Wednesday. The major averages have all moved to the downside after ending Tuesday's trading on opposite sides of the unchanged line.
Yesterday's Technicial Review using
WB's Emini Clock and Wyckoff's Tape Reading Principles
Not sure which side of the discussion you are on. Nor am I taking a side. I'm reminded of the story of the Scorpion and the Turtle. The Scorpion asks the Turtle to ferry him across the river. Ruluctingly the turtle obliges. And you know how it ends. It ends with the Sting of Death. The Turtle cry''s' "WHY, WHY WHY?" The Scorpion replies; "I can't help it, it's just my nature!" We just reverted to the Fool me twice shame on me…
The market got what it wanted and it still went down. Nobody want to prop it up? I had the day as an S3H day. Normally it's a bearish day. Today is S4L day. Perhaps still bearish or perhaps a turn. It depends upon which way the Wind Blows in DC.
Another nothing burger 30 point day. You could argue that the day was more S3H day due to the over all day price action. Perhaps it was. Unless we have a trend – it can go either way. The market is uncertain. A thin market as bids and offers go. The volume was higher yesterday 1.5 million plus.
Perhaps another vote later tonight. Perhaps a change in leadership next week. The market will start listening. The peg to the dollar is the next shoe to drop. It's almost official the US currency is soon to get flushed and replaced with the Digital CDCs. This can not continue into the future.
Price tests the low of the previous day and then just sells off till 10:30 pm. A small bid enters in to recover less than a third of the reaction. Price trades back to test the low around 1:00 pm. A bid enters in and price starts checking the highs are 2:00 pm. The bulls are unable to gain a following. Neither side wants to commit.
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good morning today is SERIES S4H and the SPILL is down.
News: ADP Employment Report at 8:15, Jobless Claims & Productivity and Costs at 8:30, PMI Manufacturing Final at 9:45, ISM Manufacturing Index & Construction Spending at 10:00, EIA Natural Gas Report at 10:30, EIA Petroleum Status Report at 11:00. All time EST.
Last Night: Tested for the most part the upper half range of the CASH afternoon rally.
Edge: A lot of news is droping today. It's the last day of cycle and the start of a new month.
7/8/9 AM: Trading back down to yesterday's close.
Today: First day of Month and last day of cycle. Waiting on direction after debt cealing vote.
Globex 21 handle trading range on 178 K volume.
Bulls: need to retake the 4220 want to take the 4240 handle.
Bears: need to retake the 4176, want to take the 4140 handle.
Cycle Bias: Potential favored to bear.
Tone: VIX trading at 18.02
Shape of the day: Three doors: Normal, Wedge Zoom, Link a Stink
Honing: Spill down, AM HIGH, MID AM LOW, lunch high, mid pm low, LAST HOUR HIGH.
Pre Opening: Potential cop trading inside the range of the previous day.
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/
