Issue 1,746 – Copyright, 2024, by Wyckoff AM Trader
I trust you were able to make some money yesterday:
From yesterday: "Last night: Globex once again gets over their skies and tags a higher high around 3:00 am. Pulls back and holds the 30 handle. By my eye, it's starting to look like a shelf of distribution as the volume was low yesterday. This may indicate the bulls are unable to gather a following up at these highs and may need to give some back. Hence the IFFY."
"R1 5646.75
DAILY 5610.00"
Notice the R1 resistance was 46 handle. Price traded hard the previous day and Globex took it up a bit more. On the Open you can see a buldge on the spill up. For 30 minutes price rolls hard up into the highs. The best post I saw in chat was:
IMPRO: PTGDavid :(10:51:18 AM) : Here is example of the "Look Above and Fail Reversal a.k.a. "The Whiplash"
IMPRO: PTGDavid :(10:51:27 AM) : Image uploaded: https://tradechat.me/uploads/20240820105127_image.png
If you clock on that you'll see what Wyckoff called a up thrust with a test. WB may have called it a wetbeak. Now it's called a Whiplash.
Makes not difference what you call it. Notice the CASH Wetbeaked the PEONS HIGH.
MPRO: Wyckoff Trader :(8:46:59 AM) : Good morning. Today is SERIES S2L IFFY with the spill up.
IMPRO: Wyckoff Trader :(9:30:41 AM) : Low volume yesterday would indicate bulls were unable to gain a following at the highs
IMPRO: Wyckoff Trader :(9:31:09 AM) : perhaps the 19 will give a little support
IMPRO: Wyckoff Trader :(9:35:39 AM) : perhaps some supply at the 35 handle
IMPRO: Wyckoff Trader :(10:00:44 AM) : I"m thinking the next two to four will be very transformational
IMPRO: Wyckoff Trader :(10:03:28 AM) : spill up sealed; looking for an AM LOW
IMPRO: Wyckoff Trader :(10:45:33 AM) : this was in the AM TURN this morning:
IMPRO: Wyckoff Trader :(10:45:33 AM) : By my eye, it's starting to look like a shelf of distribution as the volume was low yesterday. This may indicate the bulls are unable to gather a following up at these highs and may need to give some back.
IMPRO: Wyckoff Trader :(10:49:37 AM) : Potential seal of AM LOW; window still open; could see a how deep is your three
Notice at 10:00 am price gets checked just under the R1 floor trader pivot. It drops down and trades for five minutes. That would be the test of the upthrust which was an opening buldge. Notice how each principle dovetails into the next. Opening buldge. Wyckoff also called it an opening drive. Now what happens after that? A wetbeak or upthrust. A small test or penetration of the Globex high. Price gets checked at these highs and falls back a bit. Notice the test at 10:10 am.
This test is confirmed as Hank's Algos do what they do and take price lower. If you were in chat you would have heard him talk about UBS and U getting? Now notice you be getting all the way down to the just past the PEON close.
I'm giving Marlin a PDF Glossary today, that may help. Price rallies up to the lunch high and gets checked just after 12:00 pm. It's the SLOG so price dips back down to test the lows. Notice the Floor Trader Pivot of 5610 give a bid to the bulls. Price rallies up to the close for the second time and gets checked.
PROSE and THE NUMBAHS
Good morning. Today is SERIES S3L IFFY with the spill up.
News: EIA Petroleum Status Report at 10:30, 4-Month Bill Auction at 11:30, 20-Yr Bond Auction at 1:00, FOMC Minutes at 2:00. All times EST.
Last night: Price traded locked into Tuesdays range. Perhaps traders are waiting on Friday's Jackson Hole results. Odds are a rate decrease. Odds are the politics might hold this is check till the election.
https://www.zerohedge.com/markets/carry-trade-trap-real-reason-why-fed-has-waited-so-long-cut-rates
Edge: We got the pullback I was talking about but was it enough? Bulls are Bears are equally matched for now.
Globex: 16 plus handle trading range on 88K volume.
R2 5661.50
R1 5643.25
DAILY 5625.50
S1 5607.25
S2 5589.50
WEEK 5505.00
Cycle Bias: Favored to the bull.
Tone: VIX trading at 15.88
Shape of the day: Potential holding gains/losses waiting the FED on Friday. Surprize shocker FED Minutes at two o'clock.
Honing: Spill up, AM LOW, MID AM HIGH, lunch low, mid pm high, LAST HOUR LOW.
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 9.m. Fall Equinox September 22 8:43 am (all times est)
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