WyckoffTrader-AMTurn-09152023
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)
With traders reacting positively to a slew of U.S. economic data, stocks showed a strong move to the upside during trading on Thursday. The major averages all moved notably higher after ending Wednesday's trading narrowly mixed. Commerce Department report showing retail sales in the U.S. increased.
Yesterday's Technicial Review using
WB's Emini Clock and Wyckoff's Tape Reading Principles
It was just a grind up all day. After the opening print price started offering down till about, 10:20am. The first way lasted 50 minutes and took away 17 points. Next a up wave for 55 minutes and added 24 points. For now, it looks like the Bulls have the ball. A downwave of 30 minutes takes away 10 points. This confirms the strength.
Next, a move for 30 minutes just adds 15 points. The next move down is 25 minutes and erases 5 points. It's close to lunch so perhaps the bulls are on a break. The next move up last 60 minutes but only adds 8 points. A 55 minute move down is only able to take away 8 points. This indicates strength. The bears are losing their following.
Bulls push up for what appears to be an upthrust for 40 minutes only gaining 12 points. The next move down lasts 25 minutes and holds a higher low. This emboldens the bulls. The next rally is 15 minutes and only adds 4 points. Then just before the close price rolls over on higher volume.
It looks like a topping pattern but price closes strong on high volume and the bulls drop the soap. It seems traders have their eyes on the 74 handle for the next level.
Looking at the day it's just a series of higher highs and higher lows. It is just a resting spell to absorb the overhanding shelfs of supply on the way back up. As I write Globex is doing that they do. They are getting over their skies trading 4564 about 10 handles higher.
Overall the market really was not mirrowing the CASH in the last hour. After the CASH grind now Globex is on a grind up. Makes you wonder what the future might hold.
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good morning today is SERIES S2L and the SPILL up.
News: Empire State Manufacturing Index & Import and Export Prices at 8:30, Industrial Production at 9:15, Consumer Sentiment at 10:00. All time EST.
Last Night: Globex is over it's skies again. Followed up on the strong close from yesterday and tried to take out the 64 handle. Found supply and came back down to the 56 bounced up to the 60 handle.
Edge: May see the AM LOW trading down to the 40 handle or lower.
7/8/9 AM: Holding in a ti6 handle range from 4556 up to 45662. Look for a break either way.
Today: Can the bulls contuine this run up into the 74 and higher?
Globex: 10 handle trading range on 158 volume.
Cycle Bias: Favoried to bulls.
Tone: VIX trading at 12.72
Shape of the day: Potential for a move down lower to test the 42 handle and lower.
Honing: Spill up, AM LOW, (NO MID AM), lunch high, mid pm low, LAST HOUR HIGH.
Pre Opening: After the numbers, price has slowly probed to lows trading 53 handle and probing lower.
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: September 29 Harvest Moon 5:57 am. Autumn Equinox September 23 6:50 pm (all times est)
Last Friday's Opening print: https://mrtopstep.com/from-the-desk-of-wyckoff-trader-55/
