Issue 1,855 – Copyright, 2024, by Wyckoff AM Trader
Ok had you'd received this this is what you would have read yesterday morning. I apologize. We had an unplanned electrical outage for the whole substation. Power was out all day and came back at 5:00 PM. Not sure what they did or what happened. I apologize.
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Yesterday: Good morning. Today is SERIES S1H IFFY with the spill down.
[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.]
I nailed that one but let's see if the bulls can hold it. I know we are close to the lows and I know I'm supposed to be talking bearish but I'm just not seeing supply pressed down on the market. I am seeing large block of buys. I saw slight buying on the first five minutes. Some at 10:00 and 10:30 AM. Some at 11:15 AM. And of course at 1:30 PM just where you'd expect it to be.
It was an S1H day. The day ended slightly unchanged. I didn't expect the bulls to hold that rally. From 1:30 PM to 3:30 PM that's a two hour run. Not bad.
You can see at 2:00 PM where price starts lifting on increasing volume. That is not bearish behavior. That is bullish behavior. Yes, I know it was a new low for the week and price was weak but bigger picture it was more of a spring from the previous day. And from that spring price became buoyant.
You can also see two levels of ascent from that rally. Price started to get overbought just before 3:00 PM. So, it was natural to see a reaction to the halfway mark.
Now currently on Globex we are holding but I can't guarantee that overnight.
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Today: March 13, 2024:
Yesterday: Good morning. Today is SERIES S2L with the spill up.
Now, you may be tempted to call yesterday a S2H but I would say a S2L with a how deep is your three where the bulls droped the soap in the last hour.
That's how WB was. It's sometimes cryptic. WB would say it's hard to pull a read/lean on after the Daylight Savings time changes. So he would say; "Your levels, TA's and roundies!" We are waiting on the PEONS to catch up to us for the daylight savings time. Now, is Elon get's rid of that I don't know what the PEONS are going to do?
The "how deep is your 3?" is turn three of the clock on day two. He is referring to the PEON close UK 11:00 AM. That is because there is no turn 3 in the Series S2 day. Still, price could be responding to the UK market and waiting for the close. I always thought WB wanted to take two weeks off and for the most part he did.
From the git go, they had the sell sign on and they sold off. Volume came in on AAPL, NVDA, AMZN, TSLA, DISC, NKE, WMT, KO, PG, I THINK YOU GET THE PICTURE. Most of the DOW securities and NASDAQ saw selling at the open. It's not pressing on the market. It best to think in terms of the COMPOSITE MAN, the combined net forces buying pressure and selling pressure upon the market. The path of least resistance was to the sell side due to the lack of buying pressure. Just taking a little of what was offered and allowing price to retrace yesterday's range.
Then about 11:05 (I don't think PEONS are on time change yet) price gets a slight bid and starts to lift the offers. A down move for 95 minutes is responded by a up move from 90 minutes. Then a down move for 30 minutes. Notice the previous move was 95 mintues. An up move for 30 mintues wetbeaks the opening and sets the lunch high.
Then a 30 move seals the mid pm low at 2:05 PM. This move holds the 1/3 third retracement. A sign of strength. An up move for 50 mintues with a hook for the LAST HOUR HIGH at 3:05 PM starts to show weakenss and rounds over.
You are not going to get resolution in this 4 year term. Financial tools will be used as weapons against foreign adverservarys. You'll just have to get used to it.
PROSE and THE NUMBAHS
Good morning. Today is SERIES S3L with the spill up.
1. Last Night: Globex wen up. Went down. And closed somewhere in the middle. The past few days close are targeted together. Someone is holding a bid.
2. Large Size: No real large size to speak of yet.
3. 7:00 AM / Premarket: For now, price is waiting on the open to decide direction. Trading 5592 handle. Just around the daily pivot.
4. Todays News: Jobless Claims & PPI-Final Demand at 8:30, Quarterly Services Survey at 10:00, EIA Natural Gas Report at 10:30. All times EST
5. Cycle Bias: Those SEP lows from last year are just begging to be tested. When? Today, Tomorrow, Next day? That up to the bulls to drop the soap. Price has been trading at the low for nearly all day's for the past 13 days. You might see a quick shake out then onward and upward providing the timing is right.
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 up, AM LOW, MID AM HIGH, lunch low, mid pm high, LAST LOW
7. Previous Day's Numbers:
Open 5635.50
Hod 09:34 5645.00
Lod 11:09 5550.25
Settle 5597.25
Volume 1,496,524
8. Floor Trader Pivots
DAILY 5597.50
R2 5692.25
R1 5644.75
S1 5550.00
S2 5502.75
WEEK 5815.75
Range 94
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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