WyckoffTrader-AMTurn-12282023
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)
Stocks showed a lack of direction throughout the trading session on Wednesday, with the major averages spending the day bouncing back and forth across the unchanged line. Despite the choppy trading, the Dow reached a new record closing high, and the Nasdaq and the S&P 500 ended best closing.
Yesterday's Technical Review using
WB's Emini Clock and Wyckoff's Tape Reading Principles
Before the opening Globex has already set the tone for the day. After Tuesday's strong close, price set an all time contrat high. Price then drifted down to hold the 22 handle. At the open price tests the Globex high around 28 and then drifts back down.
For the first 30 minutes price is unable to gain a following as shown by a decrease of volume at the high. After the 10:00 am mark, price dips down to test the 20 handle where a volume spike absorbs supply. A base if formed for 80 minutes holding the bid for the bulls. An 80 minute rally is checked at the previous intraday high and price dips back to find a higher high where volume spike swells the low.
A 30 minute up move is checked by the previous day high as price hesitates for 40 minutes at the lunch SLOG nears it's close. At 2:00 pm price is driven down to spring the current intraday low at 2:05 pm. This bullish notion is confirmed at 2:30 pm then price drifts back down again.
By 3:00 pm you can see a base of accmulation is held for 4 hours as price starts to become boyant with higher highs and higher lows.
Price drifts back on last time at 3:40 pm to 3:50 pm as volume once again starts to swell as the bid is held. As you look at the volume you can see at 3:30 pm to close it starts to increase as price starts to lift. This indicates bullish price behavior.
The range was a nothing burger day. It could have gone either way. Perhaps it was S1H as the last print took out all over head supply.
The Santa Clause rally is a foot!
This content is 100 percent Human Made Organic (HMO)
good morning today is SERIES S2L with the spill up.
News: International Trade in Goods & Jobless Claims & Retail Inventories & Wholesale Inventories at 8:30, Pending Home Sales Index at 10:00, EIA Natural Gas Report at 10:30, EIA Petroleum Status Report at 11:00. All times EST.
Last Night: After a strong close, Globex takes it higher to the 41 handle and then loses it to fall below the close.
Edge: It's the bulls ball to lose. The upthrust last night may have enboldend the bears to see what they can do today.
7/8/9 AM: Printed the low of 31 and now trading around the close waiting on the numbers.
Today: Potential move back down to test a higher low.
Bulls Want: 4841, ?, ?
Bears Want: 4823, 4815, 4791
Globex: 10 handle trading range on 98 volume.
Cycle Bias: Favored to the bull.
Tone: VIX trading at 12.46
Shape of the day: Low volume grind
Week of the Santa Clause rally.
Honing: Spill up, AM LOW, (NO MID AM), lunch high, mid pm low, LAST HOUR HIGH.
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: No real response after the numbers. Price still trading around the close.
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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