Issue 1,878 – Copyright, 2024, by Wyckoff AM Trader
Happy Independence Day! (second week after)
I've seen enough pundits try to put their spill on this. I get it. Drive factories back to America. My question might be what drove them away? Oh, I know that answer but does Elon? I don't think skill is a problem, but I do think will – might pose a big challenge. And that goes down the rabbit hole…
DAILY:
Price tried to challenge the Wednesday and Thursday highs from last week and failed. After the probe price retreats back and closes slightly off center. This is not indicating a strength on either side. Looks like we might have a little pullback. I said that the day before and we are starting to get some of that!
YESTERDAY INTRADAY
[ Good morning. Today is SERIES S4L. I would anticipate – Price may try to challenge the high as an upthrust. Not sure what GLOBEX has in mind. I dont' think Trump can say anything or do anything that move the needle but anything is possible.
5. Cycle Bias: I'm still leaning bullish, perhaps a little bit more downside action. Let me explain, Wyckoff often talked about a major sign of strength with a minor sign of weakness. The is the part of the sign of weakness. I can't improve upon this. Maybe some pullback today.
I'm not bearish but I do think price is going to pull back. ]
This is the part that is hard. We need some pull back if price is going to go higher. Sorta of Three steps forward and two steps back. That more of a bull trend. Two steps forward and Three steps back is a bear trend. Now there is a lot we could go back to.
Ideal would be half the range of the previous rally. Wyckoff would call that a "Normal Correction." It's not normal if you are losing money.
Less than half (1/3) would indicate strength. More that half (2/3) would indicate strength.
Spill up seal about 9:50 AM. AM LOW at 10:20 AM. AM HIGH 11:20 AM. Lunch low at 1:25 PM. And the mid pm high at 2:45 PM with the LAST HOUR LOW at 3:45 PM.
PROSE AND THE NUMBAHS
Good morning. Today is SERIES S1L. I would anticipate – Price may try to retrace the lows of Globex. May try to go lower. Lot of room to free fall.
1. Last Night: Price dipped lower by gapping down. Went lower then found a bid. Tried to close the gap but failed.
2. Large Size: Some bears are starting to get aggressive on the down side.
3. 7:00 AM / Premarket: Nothing moving the needle holding 5386 for now.
4. News: Retail Sales at 8:30, Industrial Production at 9:15, Business Inventories & Housing Market Index at 10:00, EIA Petroleum Status Report at 10:30, Jerome Powell Speaks at 1:30. All times EST.
5. Cycle Bias: I'm still leaning bullish, perhaps a little bit more downside action. Let me explain, Wyckoff often talked about a major sign of strength with a minor sign of weakness. The is the part of the sign of weakness. I can't improve upon this. Maybe some pullback today.
6. Honing (turns): Spill odds up, loupie loop, LAST ODDS LOW.
7. Previous Day's Numbers:
Open 5431.00
Hod 5485.00
Lod 5413.00
Settle 5425.00
Volume 1,110,000
8. Floor Trader Pivots
DAILY 5441.00
R2 5513.00
R1 5469.00
S1 5397.00
S2 5369.00
WEEK 5251.00
Range 72
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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