WyckoffTrader-AMTurn-09222023
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)
Extending the sell-off seen late in the previous session, stocks moved sharply lower over the course of the trading day on Thursday. The major averages all posted steep losses on the day, with the tech-heavy Nasdaq plunging to its lowest closing level in over three months.
Yesterday's Technicial Review using
WB's Emini Clock and Wyckoff's Tape Reading Principles
This is the part where fools and angels may start to cross paths. I've been short since my birthday (last week) at the 4551 handle. I felt the Fed would do what the Fed does and they would just sell it off. And the clock. Yes. The clock is in a bearish cycle. Who was I to argue with the clock?
When the trend is in the clock is your friend. Always keep that in mind as you give tone to the trading day. Yesterday was the end of the cycle. It was S4L day. It ends badly. That is if you were a stubborn stuck bull. If you look at the last 15 minutes of volume and the inability of price to advance further to the downside, you might want to think it could be the potential selling climax.
On the 15 minute chart, you can see price gets oversold. After the close price rallies off the low tags, the 74 handle drifts back down to the selling climax. This finds support on the inside of the oversold line. Next price rallies of this support and finds a higher high.
The supply line is penetrated and price trades the 4380 as I write. When you add in the volume, the strength on Globex, and oversold down drift the past five days. You want to say give this day to the bulls. I remember Jessie L in the 1930s said; "When it's been down all week, you may see a correction on a Friday. Did all the weak hands get out?
By my eye, it looks like they may have. We still have further downside activity to go, however. On the daily that oversold line is just begging to get happed around the 4321 handle. We will need to wait and see what the bulls have in store.
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good morning today is SERIES S1H and the SPILL odds down.
News: Jobless PMI Composite Flash at 9:45. All time EST.
Last Night: Showing signs of strenght. Tests CASH low found a bid and rallied up to 90 handle on greatly increased volume.
Edge: New day new cycle with potential selling climax.
7/8/9 AM: Front running the news for PPI
Today: Bulls have the ball. How far can they go?
Bulls needs: 94, 17, 34
Bears needs: 80, 74 , 66
Globex: 22 handle trading range on 228 volume.
Cycle Bias: Favoried to bulls.
Tone: VIX trading at 16.81
Shape of the day: Potential for a strong move today to the upside.
Honing: Spill odds down, loupie loop, LAST HOUR ODDS HIGH.
Pre Opening: Doug itself out of the hole from yesterday and trading the 90 handle.
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/
