Issue 1,858 – Copyright, 2024, by Wyckoff AM Trader
Daily: Perhaps price got oversold as Thursdays dip tested the September 9th lows. Friday's rally may have been a technical really in a bearish market. We will need to see more. Price has been on a slide since February 25th. All the gains from the November push up after the presidential election have been removed.
Well they did not try to test the low they took price higher. Now price is testing the 10 day MA. Perhaps today we might get a pull back.
Intraday Yesterday: Good morning. Good morning. Today is SERIES S3H Normal with the spill down
First we are still waiting on the clock to settle in due to dayight savings time. Your levels, TA's and Roundies!
IT looks more like a S3H day the way the clock turns indicated thier highs and lows. Volume yesterday was very low. Around less than 700K. Perhaps it was the contract change. Traders were not sure whey way the path of least resistance stay. Stops were hit no true trend. That is until about 1:00 PM.
Some called it a bear flag. You could see a bid enter in around 11:00 AM. Price started to get boyant and the COMPOSITE MAN kept checking the rallies. A rally up to the 3:00 PM hour kept the bears on the sidelines. Anyone trying to short was getting cut up. By 3:00 PM you could start to see the path of least resistance was going to be to the bears.
By 3:50 PM it was clear.
PROSE and THE NUMBAHS
Good morning. Today is SERIES S4L Normal with the spill up. I would anticipate the bears have a swing at the bat. The program traders seemed to be hitting the sell button Friday at 12:08 / 12:12 PM as the TIKI turned -12 and -14 on a range of about 5 handles. It was a slight selling. You could see from 3:40 PM volume coming in on each bar. This normally indicates the public is coming in. It's a Friday. Who want's to go home short? Perhaps it was scare the bulls from 3:10 PM down to 3:30 PM.
I anticipated that yesterday and the took price higher. I'll double down today and see what the bears have in store.
1. Last Night: Globex has wiped the last push up off the bulls profit. Trading around the 1:00 PM push up.
2. Large Size: NO large size to speak of.
3. 7:00 AM / Premarket: After the numbers no real response. Perhaps waiting on the Fed wait mode for tomorrow’s policy announcement.
4. Todays News: Housing Starts and Permits & Import and Export Prices at 8:30, Industrial Production at 9:15. 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.
Yes that all happened Friday a rally from Thursday's low. Now, Monday those lows may get tested again at a higher low. This is providing there is no supply down at those levels. Well that did not happen Monday. Perhaps today?
6. Honing (turns): Spill up, AM LOW, MID AM HIGH, lunch low, mid pm high, LAST LOW
7. Previous Day's Numbers:
Open 5689.25
Hod 14:58 5759.75
Lod 09:31 5685.25
Settle 5729.50
Volume 691,130
8. Floor Trader Pivots
DAILY 5724.75
R2 5799.25
R1 5764.25
S1 5689.75
S2 5650.25
WEEK 5631.00
Range 84
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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