Issue 1,880 – 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…
Looks like Cramer got the pay off. He's doggign the POTUS… That tells me CHINA is goign to give in!
Sales were 4.6 Billion dollars for their handbag. What am I missing? Besides their handbag. I was in the UK at Hermies. I liked the colors. I am so glad I did not move my citizenship to the UK. They asked me to. They had reserved a flat for a year. I came so close…
DAILY:
Bulls held the lows and kept price as an inside day. The close was above the 10 day MA. And closed in the middle off the previous day close. Volume droped off. It was the last trading day before a three day weekend.
YESTERDAY INTRADAY
[ Good morning. Today is SERIES S2H. I would anticipate – https://www.youtube.com/watch?v=1lWJXDG2i0A Lot of room to free fall. (you know the song)
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 down, AM HIGH, (NO AM), lunch low, mid pm high, LAST LOW. ]
That did not happen the "free fall." I'll give it a few days. Perhaps they can hold a bid. It's a three-day weekend. The market opened up undecided. It was off the close.
By 10:10 AM you could already see the AM HIGH was in. It was early and weak. This gives you a foreshadow of potential downside activity.
There is no MID AM turn so it's gets muddied if we don't have a good trend in. Price did sell off and by 10:40 AM a bid came in. The 12:00 PM marker is what sealed the deal for me. You can see volume coming in at 6,00 and then 12,000 at 12:05 PM. You can see the range of 15 handles at 12:00 PM and the range of 23 handles at 12:05 PM.
Ok, Bulls have drawn a line. Rally lasted up till 12:43 where 6,000 lots checked the rise. Then pulls back to check the pivot at 1:30 PM. This is high of the opening range. From the low to the high, it's support at the one third retracement. This is indicating strength.
A rally up to 2:30 PM seals the mid pm high as bulls are unable to gain a following. The next turn is LAST HOUR LOW. It seals at 3:50 on 6,000 lots. Notice how the 12:00 PM line was held.
PROSE AND THE NUMBAHS
Good morning. Today is SERIES S2L. I would anticipate – https://www.youtube.com/watch?v=1lWJXDG2i0A Lot of room to free fall. (you know the song)
1. Last Night: It was a weekend. What do you think price did. "Free fall"
2. Large Size: Bears are pushing price lower.
3. 7:00 AM / Premarket: A bid came in at the 5239 handle.
4. News: No news of note. 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.
Bulls did make a stand and drew a line. I'll keep my eye on that line. Call it 5300 handle.
6. Honing (turns): Spill up, AM LOW, (NO AM), lunch high, mid pm low, LAST HIGH.
7. Previous Day's Numbers:
Open 5322.75
Hod 14:26 5359.50
Lod 10:40 5285.50
Settle 5326.00
Volume 1,013,499
8. Floor Trader Pivots
DAILY 5323.50
R2 5397.50
R1 5361.75
S1 5287.75
S2 5249.50
WEEK 5358.00
Range 74
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: May 12 Flower Moon 12:56 p.m. Summer Solstice (Equinox) June 20 1:41 p.m. (all times Est)
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