Market Review
With everything that’s been going on in the world of politics and medicine, we have much to be thankful for.
As always, enjoy the holidays. It’s thanksgiving. Mom and I have been making homemade buttermilk scratch biscuits. She has not made them in thirty years. And the cornbread. Forgit about it… It was great!
After the second biscuit was cut, she snapped back into an old form.
We have much to be thankful for, Freedom, Democracy, and Living in the USA.
Here’s a short 8 Minute Market Reap for Wednesday: https://my.demio.com/ref/hQ0ojYIFku8zyCME
Today will be very low volume and 1 by 1’s and 2 by 2’s trading.
All the best to you and those you hold near and dear,
Wyckoff Trader
P.S. The markets have been trading on low volume. I am not putting out a newsletter today. We had a great week. I’ll be back in full force next Friday. If you want the recipe for the biscuits, it’s flour, crisco, and buttermilk. The quantities are the hard part.
I give you the best of the old school market technicians, JP Morgan, Herriman, Kearn, and Livermore. The traders of the 1930s. How they may have seen the market. I use the lens of Richard D. Wyckoff Principles and Procedures and through the eyes of WB’s hidden internal clock. The clock that controls all turns intraday every day.
I would love for you to join us. If you have not taken the time, now would be a great time for you to subscribe.
Economic Calendar
Holiday
Closing Prices
In the Tradechat Room
MiM
Thanksgiving close. Next week we should see a pickup into the month/year ending MOCs. Wednesday was a bit of nothing with ES price action trading in a 7-point range chop into the close.
Questions? Please email me: Marlin@mrtopstep.com
Get the skinny when we get it: Join the MiM.
Covid Corner:
These states didn’t show up yesterday. We don’t have data so we can’t see how we are trending. We are thankful for all those that did show up yesterday, the first responders, the doctors, the nurses, the crews that are producing the vaccines and the other states that get it. Data is front line and should be 24x7x365. It is hard to take leadership serious when leadership doesn’t take it seriously.
Looking at the world which did show up, we are seeing a flattening of new cases which are now logging about 575K a week. While the momentum of growth of new daily deaths is slowing, they are still hitting 10K again. Despite 18 states not reporting, the USA still contributed 1.3K to that 10K number. Today the US will be over 2K.
Wear your masks!
Stay home!
Take your Vitamin D!
Chart of the Day
GLOBEX
| (ESH20:CME) GLOBEX Session | (ESH20:CME) Day Session |
| High 3655.00 | Opening Print: 3631.75 |
| Low: 3624.50 | High 3632.00 |
| Volume: 120,000 | Low: 3615.25 |
| ES Settlement 3628.50 | |
| Total Volume 889,000 |
S&P 500 Futures Recap – November 25
S&P 500 Futures: Pre-Thanksgiving Chop
After trading in a 30.50 handle overnight range, the S&P 500 futures opened Wednesday’s cash session at 3631.75, down 1.75 handles, traded the daily high of 3632.00 and then sold down to 3615.25 for the daily low made before 9:30. For the remainder of the day, the S&Ps would trade within that first hour 16.75 handle range before settling at 3628.50, down 4.25 handles or -.10% on total volume of just under a million. In terms of price action, it was all about selling the open, covering in the first hour and then walking away.
Our View
Black Friday
Thousands of people will line up outside retail stores across the US at 5:00 AM this morning for ‘Black Friday’ . The sale day is generally a very hectic time with people pushing and shoving to get to hot products that have been reduced in price for the after Thanksgiving sales. This, combined with fewer people trading and a shortened holiday trading session could add to a ‘thin to win’ trading environment. I’m not going to do a big view today. I have had a good run over the last few weeks and don’t plan on trading today and if I do it will have to be a very good setup. Our view, if the ES gaps lower my lean would be to buy the early weakness. I doubt the trading session will be very volatile.
Have a nice weekend and be safe …
As always, please use protective buy and sell stops when trading futures and options.
Disclaimer: Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. Decisions to purchase or sell as a result of the opinions expressed in the forum will be the full responsibility of the person(s) authorizing such transaction(s). BE ADVISED TO ALWAYS USE PROTECTIVE STOP LOSSES AND ALLOW FOR SLIPPAGE TO MANAGE YOUR TRADE(S) AS AN INVESTOR COULD LOSE ALL OR MORE THAN THEIR INITIAL INVESTMENT. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
