WyckoffTrader-AMTurn-12272023
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)
After an early move to the upside, stocks fluctuated over the course of the trading session on Friday before eventually ending the session narrowly mixed. The Nasdaq and the S&P 500 closed modestly higher, while the narrower Dow edged slightly lower.
Yesterday's Technical Review using
WB's Emini Clock and Wyckoff's Tape Reading Principles
Starting with Wednesday, December 20 failure to hold a new high, bulls were unable to attract a following into new high tettory. Price gives up 84 handles and get itself in a strong technicial position. Shares have traded from weak to strong. Now, it's only a matter of time if/when they will throw those shares back over to the weak hands.
Thursday bulls have a clear path and recover slightly over half of the previous reaction. The close is at the high indicating price may contuine on upward. Friday, December 22 overnight PEONS took price even higher. Globex held the strong close as price just diped slghtly. At the open price was posised to grind higher, that is until about 25 minutes into the day.
At 9:55 am volume droped drastically. At the AM HIGH which sealed just off center time 10:35 am if you were looking to get short that would have been the place. Compaire 10:25 am to 10:35 volume to 9:30 am to 9:55 am volume and you see the AM HIGH rally was losing interest.
If you went short you'd be looking for the MID AM LOW. It was early and weak and volume checked the down more around 11:05 am. After a thirty minute rally price drifts down to test the low again. A bid holds and now your looking for the lunch high.
An hour later around 1:30 pm you can see price start to round over. In view of our previous deductions, we interpret this to mean that there is a lessing of demand on the top of this rise. Bulls did not want to take price higher. It's the lunch high, get short. You goal is to get out at the mid pm low.
Seal comes on at 2:30 pm center time and you get out and exit your shorts as the volume comes in. A potential turn is pending.
This content is 100 percent Human Made Organic (HMO)
good morning today is SERIES S1L NORMAL with the spill odds up.
News: Durable Goods NO news of note. All times EST.
Last Night: After start of Santa Clause rally on half volume price sets a new high and then looses the upthrust at the close.
Edge: It's the bulls ball to lose. Price looks poised to test the 30 handle and higher. Other option is to hold the gains and wait for the Santa Clause rally next week. (yes I said that and it did that yesterday)
7/8/9 AM: Price has held the last hour dip around 22 handle and looking to get a bid.
Today: Could see a grind back up and bigger traders are away.
Bulls Want: 4834, ?, ?
Bears Want: 4823, 4811, 4791
Globex: 9 handle trading range on 88 volume.
Cycle Bias: Favored to the bear.
Tone: VIX trading at 12.99
Shape of the day: Low volume grind
Week of the Santa Clause rally.
Honing: Spill odds up, loupie loop, LAST HOUR ODDS LOW.
Bill Fish (4H/4D) Out driving out to the Hamptons. OUT
Tuna (30m 1+D) Out driving out to the Hamptons. OUT
Sardine (5M-1D) Stayed out due to the grind. OUT
Pre Opening: After printing a slightly higher high, price is now looking to test the Globex low.
The take away is low volume holiday trade. Some say funds are buying to even out holdings. Some don't want to be left behind.
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!
Your edge is a series of trades, not just one trade or one day.
Dates: December 26 Cold Moon 10:33 pm. Winter Equinox December 21 10:27 pm (all times est)
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