Issue 1,785 – Copyright, 2024, by Wyckoff AM Trader
Yesterday's Recap: Good morning. Today is SERIES S4H IFFY with the spill down.
Yes it was an IFFY day. For about one minute, and then it was not! This day sort of played out as one would expect. [I'm not a fan of AI that just typed the words before you get a change to type them yourself. Most folks just hit the tab, not me. I just type through them! However you can use the brackets, AI don't dare breach the brackets. Ok back to the market]
Most of the traders in chat were expecting long but a lot of the traders were short at the open as they should have been. Look at the first move down on a lot of volume for nearly 25 minutes. That's telling you something. It's telling your bigger traders are coming out of their trades on increased volume.
The effort is in alignment with the result. There is no divergence. Notice the move back lasted for 20 minutes and was only able to recover just half of the reaction. That is bearish price behavior. Now notice at 10:05 am we have a lower low. That is bearish price behavior. The rally back at 10:25 am is on low volume.
One last dip a lower low gets checked at the previous day's settle. Volume comes in a climax the dip. Now it's the bulls turn. Bulls take it back up till about 12:05 pm. Notice the slight uptick in volume as the 9:55 am high is wet beaked. The Composite Man holds price in a tight range till just about 2:00 pm.
Price gives way and tried to take out the settle and closes unchanged.
PROSE and THE NUMBAHS
Good morning. Today is SERIES S1L with the spill odds up.
Today's News: USA Housing Starts and Permits at 8:30. All times EST.
Cycle Bias / Tone: I'm IFFY due to the low volume on Monday and the slightly above average volume on Monday. And now again, the bulls brought price back up on almost the same volume of 734 K. I said that this week. It's been teeter / totter each day. Soon, the true path will review itself.
Last Nite: Price is started to drift back down looking for a bid.
Honing (turns): Spill odds up, loupe loop, LAST HOUR ODDS LOW.
10/18/24 ESZ2024
DAILY 5899.25
R2 5916.75
R1 5901.25
S1 5861.75
S2 5837.75
WEEK 5833.75
Previous day
Open 5923.00
Hod 09:31 5939.50
Lod 16:01 5873.50
Settle 5859.00
Volume 952,096
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: October 17 Hunter's Moon 7:26 a.m. Fall Equinox September 22 8:43 am (all times Est)
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