Market Review
Wyckoff Trader
PREVIOUS DAY — THURSDAY JANUARY 9, 2020
On January 9 price opens at 3271 48, 11 4/8 handle up from settle.
In 5 minutes buying pressure wave lifted 84,300 lots up to 3274 even before selling pressure overcame demand. After 15 minutes price had found a low at 3265 4/8 handle. I had given 3275 as the first level and 3264 as the second. At 10:03 price tested for LOD (low of the day) and started back to test the 3274 Globex high level.
A 40-minute buying wave took out the previous high but found supply at the 3274 6/8 handle. You could have taken a 2 point profit at 10:42, and then a 5 point profit at 11:00, and finally a 10 point profit at 12:08 on three down moves. Look to get in a bit before and after the level. The second level gave you 10 handles. Total for the – day 20 handles!
Please review Market Recap Video for further detail. https://my.demio.com/ref/NrBZKf0cIojDleTp
LOOKING FORWARD — FRIDAY JANUARY 10, 2020
This is the Kewpie day! Great moves are usually followed by good moves. Expect more of the same. Trump’s impeachment is losing traction. The market is gaining traction. So, so great for the opposing party. Unless…they find another shoe to drop! (Jan-7)
I said that a few days ago before the drone attacks and I’ll say the same today. Overnight GLOBEX found another higher high. Currently 3285.25 handle. Today is a FULL MOON day, January 10 | Wolf Moon | 02:21 p.m. est
If buying pressure persists expect low in the first 60 minutes at best, 30 minutes better. And high in the last 30 to 60 minutes of trading secession. It’s a Friday, potential Scare da bull and book square. I’ll discuss that another Friday.
Most traders will be looking at the Employment Situation at 8:30 AM ET, this should set the tone providing no other shoe drops. We have a strong potential for a trend day. Potential “Dog Leg” during lunch SLOG to set up the last hour high of the day.
In my life, I’ve been fortunate to have stood on the shoulders of giants who were my mentors. One you may know and one you may not.
WB was an expert on a “Hidden Clock” a clock that controls all turns intra-day every day in the market. The other giant was Richard D. Wyckoff. Wyckoff coined the terms: Supply Demand and the Wyckoff Wave back in the 1930s. I keep WB’s hidden clock and The Wyckoff Wave. I trade only one financial instrument. I do one thing and do it well. I trade the E-Mini futures contract. I’ve been trading for the past thirteen plus years with consistency and without fear.
I’m a trader first, old school Market Principles Educator second, and I supply levels YOU can TRUST every day. For the past two and a half years as a subscriber, you could have printed over 3,933 points net. Potentially $196,650 on one lot and $589,950 on three lots!
The best way to learn more about me and what I do is to subscribe to my daily market E-Mini market timing newsletter. In your email inbox before the opening bell. You get levels where price may potentially fade for 2 to 4 points or more. Along with that, a daily 18 to 21 minute Market Recap Video that discusses WB’s “Hidden Clock” market timing turns each day.
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Closing Prices
In the Tradechat Rooms
The MiM
Roller coaster close as we dipped from the 3276 level down almost 6 points to the 15:20 closing low. By 3:45 those in the know knew the MOC imbalance was going to be positive and a run for the close took us all the way back up.
HFT Alert
Sneak a Peek of the HFT-Alerts: https://h2.fortunesrocks.me:3663/
Economic Calendar
Globex
High 3274.00 Low 57.75 Volume 219900 +/- actual end of day >>> 218576 4:15 Day Session 1/9/2020 Opening Print 3271.00 High 3276.75 Low 3264.25 ES Settlement Total Volume 1.218,035 (4:1m)
Chart of the Day
Our View
Money has been pouring into U.S. stock markets at the beginning of 2020 driven by concerns with global economic policy and Iran dumping 5 ballistic missiles on U.S military bases in Iraq.
I am not going to do all the ups and downs other than to say the ES rallied on Globex and rallied during the day session. The EAS made a high above 4275.00 and traded mostly on the high end of the trading range. It’s been impossible to short but that may be getting close to an extreme.
Our view is to be on the lookout for some type of pullback. Bullish and greed sentiment is at extreme highs as is the ES. Our lean is to sell the early rallies with the mindset that somewhere in the next 25 handles above 3283 there might be a great short sale.
Video of the Day
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Market Vitals Technical Analysis
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.
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