Issue 1,845 – Copyright, 2024, by Wyckoff AM Trader
Yesterday: I apologize we had technical issues. It was a S2H day. They sold at the open and sold hard. Shares were pressed upon the market. Constant and in abundance. As the cycle goes, the day was muddy. The best fit was S2H day. It is not ideal but it's the best fit.
After a hard sell of for 35 minutes price rallies about 20 minutes as it falls short of the settlement. Then drifts back for 40 minutes. This prints a higher low and emboldens the bulls to try again. Bulls lift the offer just past an hour and half as it's the lunch SLOG and unable to gain a following at these levels.
The day closes weak as price just drifts back down to the low and tags a higher low to end the day at the close.
PROSE and THE NUMBAHS
Good morning. Today is SERIES S3H with the spill down.
1. Last Night: After the close price drifts down to the 5978 and gets a bid and trades back up to the big even 6000 handle.
2. Large Size: Did not see any large size of note.
3. 7:00 AM / Premarket: Nothing to move the needle here just trading around the 6000 handle.
4. Todays News: Case-Shiller Home Price Index & FHFA House Price Index at 9:00, Consumer Confidence & Richmond Fed Manufacturing Index at 10:00, 4-Week Bill Announcement & 8-Week Bill Announcement & 4-Month Bill Announcement at 11:00, 6-Week Bill Auction at 11:30, Michael Barr Speaks at 11:45, Thomas Barkin Speaks & 5-Yr Note Auction & Money Supply at 1:00. All times EST
5. Cycle Bias: This day is about holding what you got from the previous day currently price is doing just that. IT COULD CHANGE… Most are saying that WMT was the engine that drove the market down yesterday. If shares changed hands from weak to strong and the composite man is ready to start marketing up – then perhaps a move up today. If not the at least hold you got kind of day.
6. Honing (turns): Spill down, AM HIGH, MID AM LOW, lunch high, mid pm low, LAST HIGH
7. Previous Day's Numbers:
Open 6050.00
Hod 09:33 6060.00
Lod 10:08 5994.50
Settle 6007.50
Volume 1,491,151
8. Floor Trader Pivots
DAILY 6020.50
R2 6086.00
R1 6046.75
S1 5981.25
S2 5955.00
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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