Issue 1,806 – Copyright, 2024, by Wyckoff AM Trader
From yesterday: Good morning. Today is SERIES S1H with the spill odds down.
It's the start of a new cycle on the week before Christmas. Today is the FOMC will they or wont's they? Looks like yesterday was S1H day. It could have been stronger but it was not. Nine straight down days. That's what the media is saying. Looking at the daily it's still trading in a range. The bulls are holding the lows around the 50 handle.
For nine straight days. It's a 50 handle trading range. Cramer just popped up on a YouTube video. Tonight's. I say fade Cramer. I had a best friend that worked with Cramer. He said Cramer was a doof. Yada, yada, yada. He's saying buy what's moving. Cut your losses. Cramer talking scalping pennies.
However, that worked before ALGO's were introduced on the floor.
Well, after 10 minutes he's talking buy low and sell high or not sell at all and build a long term position. Now I'm worried. IS he the Sirons call to the sailors (investors). Let's see what FED day has in store for us. I'm still bullish but IFFY.
This is the last full week of trading. Then Christamss all over the world with a shortened week. And perhaps a Santa Clause rally. Volume is dropping off. Cramer is saying buy, buy buy. That is never a good sign!
PROSE and THE NUMBAHS
Good morning. Today is SERIES S2L with the spill up.
1. Last Night: As one would think. Price is on it's way back up the high with a little gap up. Perhaps gap and go?
2. Large Size: I did not see any large size last nite.
3. 7:00 AM / Premarket: Not seeing anything of note. Perhaps a dip down. A little toppy still holding on to the 70 handle looking for a reason to give it up.
4. Todays News: Housing Starts and Permits & Current Account at 8:30, Atlanta Fed Business Inflation Expectations at 10:00, EIA Petroleum Status Report at 10:30, Treasury Buyback Announcement (Preliminary) at & 4-Month Bill Auction at 11:30, FOMC Announcement at 2:00, Fed Chair Press Conference at 2:30. All times EST.
5. Cycle Bias / Tone: It's holiday trade FED DAY with FOMC hiding in the weeds. I'm still bullish. It could get dicy. Some traders are saying "Chickin Little the sky is falling if the FED ziggs when it should have zadded with others are saying onward and upward.
6. Honing (turns): Spill up, AM LOW, (NO MID AM), lunch high, mid pm low, LAST HOUR HIGH
7. Previous Day's Numbers:
Open 6127.50
Hod 11:51 6138.25
Lod 15:25 6114.25
Settle 6124.75
Volume 980,760
8. Floor Trader Pivots
DAILY 6125.75
R2 6149.75
R1 6137.25
S1 6113.25
S2 6101.75
WEEK 6090.50
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: December 15 Cold Moon 4:02 a.m. Winter Equinox December 21 4:21 a.m. (all times Est)
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