Issue 1,730 – Copyright, 2024, by Wyckoff AM Trader
The day it started at S1H. Perhaps I was hoping too much. It's odds and probabilities. It looked like the Bulls could get the job done. The price opened above the settle and above the daily pivot.
For the first fifteen minutes, it was bulls on parade. Then volume started to come in and check the move. Price gave it all up—I mean everything down to 1:00 p.m.
Price tagged the previous day's low and then rallied hard and strong to recover over half of the current day's loss.
Now what do you think happened over Globex? Of course, price rallied and took it all the way back up. For now, the 5520 handle is supply.
From a trader in the chat from yesterday:
IMPRO: tbohn007 :(3:23:42 PM) : In summary for tomorrow: We have Msft earnings today which could be market mover, but the real catalyst is FOMC tomorrow. As stated above, these days are fundamentally not predictable, one just has to go with the flow. My general lean (which is really just a random guess for a day like tomorrow), is unchanged: 5438 to 5528=the range. My general lean is as long as 5438 keeps holding, we can work back up the range to 5502, 5511, then 5528. If bulls want to break it out, 5555 is first major breakout target then 5585. If 5438 fails, we begin the leg down.
PROSE and THE NUMBAHS
good morning today is SERIES S2L with the spill up.
News: ADP Employment Report at 8:15 & Treasury Refunding Announcement & Employment Cost Index & 3-Yr Note Announcement &
10-Yr Note Announcement & 30-Yr Bond Announcement at 8:30, Chicago PMI at 9:45, Pending Home Sales Index at 10:00, EIA Petroleum Status Report at 10:30, 4-Month Bill Auction at 11:30, FOMC Announcement at 2:00, Fed Chair Press Conference at 2:30. All times EST.
Last Night: Price recovers all the loss from the CASH and starts to see supply back at the 5520 handle.
Edge: The bulls are disappointing. The bears aren't' bringing it either. Could see a slide back down to get to wholesale before the FED release.
7/8/9 AM: Price has been negating the 5520 handle and holding.
Globex: 78 handle trading range on 228 K volume.
Cycle Bias: Favored to the bull.
Tone: VIX trading at 17.46 Look for one by one's and two by two's during the FED YELL.
Shape of the day: Potential for a strong trend day. Dog leg from lunch high down to mid pm low.
Honing: Spill up, AM LOW, (NO MID AM), lunch high, mid pm low, LAST HOUR HIGH.
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: August 19 Sturgeon Moon 2:26 p.m. Fall Equinox September 22 8:43 am (all times est)
Comments are closed