Issue 1,854 – Copyright, 2024, by Wyckoff AM Trader
Yesterday: Good morning. Today is SERIES S4H NORMAL with the spill down.
I anticipate price is going to check the CASH LOWS from Friday. A successful test would be less volume on the retest on the spill down. If a spring you may see a dip down, a recover and then a test of the spring (dip down). Less than ideal is a #3 spring where price penetrates support and price is pushed through.
I think we all can agree this is not what you want to see if you are a bulls with shadow pockets. This day market a change in the character of the market. It was just a constant side down. Supply was not being pushed down on the market but their was NO BID IN SIGHT! The best security in the DOW 30 that followed the market was JPM.
Tick for tick almost.
Spill up sealed at 9:40 AM. The AM LOW marketed at 10:55 late and strong. Mid AM high center time at 11:30 AM. Lunch low seal at 1:50 PM. And mid pm high at 2:10 PM early and weak. With the LAST HOUR LOW at 3:10 PM as price gets too sold out and bid enters back in.
Currently three is no reason for this move down to end. However we both know their is no reason to this market. When we have a trend, the market looks more tradable. Yesterday was that kind of day. I'm seeing a bid come in around 2:11 PM and then at 3:20 PM and 3:30 PM. This is confirmed by the shake out at 3:10 as price snaps back up to close off the lows.
The last 15 minutes takes out the supply line. Some say they have a short on the market. Perhaps. Let's see how this week plays out. Just remember the big pocket can let this thing go down longer they your risk manager will alow…
Keep this in mind:
IMPRO: Tifosi :(5:18:30 PM) : Trump hasn’t mentioned stocks so far, and the word from D.C. is their focus is on Main Street, not Wall Street, with willingness to tolerate “disturbance” for at least the next six to eight months, while blaming it on Biden, in order to get a framework in place that allows for growth based on what Trump thinks GDP is *for*, e.g., the new office of ship building in the White House.
What I'm saying is, it's like in the first Iron Man move. Toney Stark changes the game plan. And his controller walks up and says you got to stop. And Tony says; "Didn't we already plan for this? We have the shorts on it' should decline to around 40 or so. What's the problem?"
Don't you think Trump and his team has already planned for this? Someone has already gotten the short hedges on. The move Friday (and Monday) was well organized and planned out. Now, it was not "Delusions and Madness of Crouds"
So as Day traders we just need to accept it. It's four years of Trump. Prepare for the unexpected.
PROSE and THE NUMBAHS
Good morning. Today is SERIES S1H IFFY with the spill down.
1. Last Night: This might be the spring I was talking about yesterday. Overnight price spring the CASH low found a bid and now trading just under the halfway retracement.
2. Large Size: Size came in at the low on the bottoms of the 21:15 handle. About 6K around the 64 handle down to 58 with 3.5K holding the bid.
3. 7:00 AM / Premarket: Currently price is trading in a tight 5 handle range holding the 5640 handle. Waiting on the news.
4. Todays News: NFIB Small Business Optimism Index at 6:00, JOLTS at 10:00. All times EST
5. Cycle Bias: This appears to be a controlled move down. Supply is not being pressed down on the market. This drip down could last longer you might desire.
Looking at the daily it is not looking good for the bulls. That's when opportunity goes to those who can keep their head! This could be a whack a mole day or a day with lifting supports. Let's see what he day has in store.
With the time change it may take a week or two for the clock to get back in synch. Keep and eye out on the PEON close.
6. Honing (turns): Spill down, loupie loop, LAST ODDS HIGH
7. Previous Day's Numbers:
Open 5691.25
Hod 09:45 5711.25
Lod 15:12 5571.50
Settle 5625.50
Volume 2,026,157
8. Floor Trader Pivots
DAILY 5636.00
R2 5775.75
R1 5700.50
S1 5560.75
S2 5496.25
WEEK 5815.75
Range 139
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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