Issue 1,841 – Copyright, 2024, by Wyckoff AM Trader
Yesterday: Good morning. Today is SERIES S4H with the spill down.
6. Honing (turns): Spill down, AM HIGH, MID AM LOW, lunch high, mid pm low, LAST HOUR HIGH
5. Cycle Bias / Tone: This is the last day of the cycle and the last day of the week. You know what today is? IT's 'Debbie Day!' WB has left this planet (or he's still around) and Debbie has left us but this is Debbie day. The day is S4H and it's Friday. Today has higher potential to move… And remember a STRONG TREND has the POTENTENEIAL to print the high/low print in the last print.
Three doors: Normal, Wedge Zoom, Link Stink.
Recap: OK back up the truck, most traders were saying this is going to move. I did not notice that Monday was a Holiday. So, it did not move. IT hung up there!
In the bigger picture the market had a SELL light on at the open. A lot of securities were being sold off at the open. HD, WMT, KO, HON, and I'm missign one? Oh yes, INTC. Perhaps that was the driver Friday. The big horse pulling the market down.
We had a good run up the past few days, so it's natural for price to pull back. No Wedge Zoom. No Link Stink. No Normal. Just a muddy day that held the previous day's highs. Traders were on the sidelines waiting for the next shoe to drop. Since no Trading Monday due to holiday price was in equilibrium. Puts in an unfair high. And unfair low and closes somewhere in the middle.
We have a 6145 handle down to a 6125 handle. Just step aside and let itself work the direction out. This is a 20 handle range. The lean is frankly to the buy side. The more price hesitates at the highs the more probability it will dip down to test the lower edge to ensure no late bulls when the mark up comes.
Heard in the chat:
IMPRO: tbohn007 :(9:23:35 AM) : Q for today is, does Trump give us a break?
IMPRO: tbohn007 :(9:24:33 AM) : It is Valentines Day, so maybe he blows us a kiss
IMPRO: Reverie :(9:25:16 AM) : I’m not worried about what he says today, I’m more worried about what he says over the weekend when the markets are closed.
MY take:
Some say those opposing the potential for greatness in this country are adding short puts in the market. I know a few traders I know one especially and so do you who might agree. All I can say is old school technicals are indicating the path of least resistance is to the upside.
Earlier this week I was around a younger guy perhaps 25 to 28 in years having a conversation with his friend about HOW market savvy he was. And he uses the word it's
"MY TECHNICIAL ANALYSIS"
Well, I could not resist. I turned to him and said MY? Your technical analysis?
He says yes, it's mine and only mine. I make it up.
Well, many thoughts came to mind which I'll keep to myself… (some were angles on the head of needles, some were lawyers, and some were fools) But I kept that to myself. However, I did think before I spoke. The minds of men and then much, much, much later women have been playing this game since before the tulip bulb craze.
And my favorite man Jessie L. once said there is nothing new in the market, but each day the market teaches me a new lesson.
I wanted to share a lot of that with that younger man, but I could see his acceptance was as throwing seed upon the rocks. And you know who said that.
So, I just said this, IF you want to know the father of technical analysis. You need to go back to the beginning of technical analysis. And that is the 1930's
And one I would recommend you "GOOGLE" is the Father of modern technical analysis and that man is Richard D. Wyckoff.
But listening to you, you'd probably be an Eliot man.
As I walked away I thought:
"In my generation if an older man tried to mentor or share some tad bit of knowledge with a younger man the younger man would be as a Shammie on a freshly washed car but in this generation (2025) the younger man is like the wax…"
PROSE and THE NUMBAHS
Good morning. Today is SERIES S4H with the spill down.
1. Last Night: After a three day weekend, price will need to choose a side. Currently it is too the up side.
2. Large Size: No large size to speak of.
3. 7:00 AM / Premarket: Nothing really moving the needle up here at the 6156 for now.
4. Todays News: No news of note. Waiting on the PPI.
5. Cycle Bias / We have one more shot at the "Big Debbie day!" It's the next trading day after a three day weekend. That's a NORMAL. Volume Friday was low. Around 700K bulls are unable to gain a following at these highs. Let's see if today changes the mark.
Three doors: Normal, Wedge Zoom, Link Stink.
What wakes this day a 'Debbie Day' is the Wedge Zoom. She traded the Wedge Zoom. The Wedge Zoom is a Zoom from the MID AM LOW or the MID PM LOW.
1. IT's Friday. Who want's go home short?
2. Price is drifting down from the highs but not volume and prize being pressed down upon the market.
3. The Zoom should start anywhere from the MID AM LOW (11:00, 11:30, 11:57)
4. Expect to see a Zoom from the PEON close up to the lunch. It should recover and set a new intraday high.
5. Ideal Wedge Zoom is a Zoom from the mid pm low (2:00, 2:30, 2:57) due to the time factor that catches the "sleepy shorts." And Zooms up into the close.
Also, another outcome for this day if the Wedge Zoom if the PEONS are over thier skis is the:
LINK STINK or Link a Stink. The Link a Stink is when the PEONS get over thier skies and the GLOBEX high sets the CASH high and price just sell off for the rest of the day.
And of course the last is the NORMAL:
The NORMAL is simply taking out the over head supply from the 20th and back and tagging the ALL TIME HIGH perhaps 70 points or more.
6. Honing (turns): Spill down, AM HIGH, MID AM LOW, lunch high, mid pm low, LAST HOUR HIGH
7. Previous Day's Numbers:
Open 6134.50
Hod 10:11 6145.25
Lod 12:44 6125.75
Settle 6133.25
Volume 789,471
8. Floor Trader Pivots
DAILY 6134.75
R2 6154.25
R1 6143.75
S1 6124.25
S2 6115.25
WEEK 6098.00
The clock is used to time your entries and exits. Position long at the lows, exit at the highs, get short at the highs, and 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: February 12 Snow Moon 8:53 a.m. Spring Equinox March 20 5:01 a.m. (all times Est)
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