Issue 1,887 – Copyright, 2024, by Wyckoff AM Trader
2026/2027, 2033, and 2055. Let's see. I'm thinking we might be seeing a black pope once the smoke clears…
May you live in interesting times…
Happy Independence Day! (fourth week after)
We are back on top. At least from the previous two weeks.
DAILY:
Overall the market was timid with challenging the highs. Most DOW securities were less than 1 percent move. VZ the strongest and UNH the weakest. HON seemed to be the driver with earnings and volume. Higher highs and higher lows. That good for the bulls. Traders are betting for the next shoe to drop. That's a bad thing. I'm thinking these tops are gettign some shortening of the upward thrusts. Which indicates a pull back.
One week left to go. Perhaps we can get to it.
YESTERDAY INTRADAY
[ Good morning. Today is SERIES S2H. I would anticipate – We got the lose Monday's and Friday's low bears have got their assignment. 5. Cycle Bias: I went to the bearish side due to the timid move taking out the previous two weeks highs. At 11:30 PM and 12:10 PM you can see price respect the oversold line by a quick touch and a snap back. Then at 1:30 PM price is unable to test the oversold like. That is indicating weakness on the bulls inability to gain a following at these lows. 6. Honing (turns): Spill down, AM HIGH, (NO MID AM), lunch low, mid pm high, LAST LOW. ]
YESTERDAY RECAP:
What I thought would happen over CASH happened over GLOBEX. I'm still leaning BEARISH just perhaps I'm wrong. Sure we had two dips. The AM LOW at center time at 10:30 AM. It goes without saying get long there. Then the lunch high at 1:55 PM. Exit your trade. If the cycle is inverted, just flip it. It's not rocket science. No KEWPIEE DOLL for me.
I'm Ok with that. The clock was spot on. Just flip it. We opened up below the settle of the previous day and that will flip the clock sometimes. They were buying from 8:45 AM to 8:50 AM. And then on the 1:00 PM run up. The LAST HOUR HIGH at 3:50 PM is weak with some slight selling in the last 10 minutes.
PROSE AND THE NUMBAHS
Good morning. Today is SERIES S3L IFFY. I would anticipate – Bears fumbled the ball. I'll give then one more day for a slight pullback.
1. Last Night: That's what I was talking about. GLOBEX did what I was talking about lost the range of the previous day and now dipping into the lows.
2. Large Size: Some bears as I discussed entered into the fray overnight.
3. 7:00 AM / Premarket: Bears took advantage of the numbers and drove price down below the CASH lows.
4. News: ADP Employment Report at 8:15, GDP & Treasury Refunding Announcement & Employment Cost Index at 8:30, Chicago PMI at 9:45, Personal Income and Outlays & Pending Home Sales Index at 10:00, EIA Petroleum Status Report at 10:30. All times EST.
5. Cycle Bias: I went to the bearish side due to the timid move taking out the previous two weeks highs. At 11:30 PM and 12:10 PM you can see price respect the oversold line by a quick touch and a snap back. Then at 1:30 PM price is unable to test the oversold like. That is indicating weakness on the bulls inability to gain a following at these lows.
6. Honing (turns): Spill down, AM HIGH, (NO MID AM), lunch low, mid pm high, LAST LOW.
7. Previous Day's Numbers:
Open 5557.00
Hod 09:48 5578.75
Lod 13:32 5492.00
Settle 5544.75
Volume 969,330
8. Floor Trader Pivots
DAILY 5538.50
R2 5625.25
R1 5585.00
S1 5498.25
S2 5451.75
WEEK 5411.75
Range 86
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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