Issue 1,818 – Copyright, 2024, by Wyckoff AM Trader
Yesterday: Good morning. Today is SERIES S1H NORMAL with the spill odds down.
This day was not a S1H day. More of a S1L day. Perhaps I could have nailed it – if I just had reversed the day. I trust you did!
I could blame it on Jimmy or JC as his preacher said many times at the last service. Not a fan of hail the chief events but that choir and panino player. WOW! That worth staying up for. I was a bit more active in chat Friday:
IMPRO: Wyckoff Trader :(9:47:46 AM) : looks like they got the sell sign on today and not backing off
IMPRO: Wyckoff Trader :(10:10:32 AM) : are they gonna water board this all day
IMPRO: Wyckoff Trader :(10:39:34 AM) : MSFT, META, AAPL see to be the drivers with META pulling out in the lead or this rally from the lows
IMPRO: Wyckoff Trader :(10:40:38 AM) : TSLA had a rail road trade at the low
IMPRO: Wyckoff Trader :(10:45:34 AM) : META seeing some supply at it's highs
IMPRO: Wyckoff Trader :(10:50:24 AM) : META trying to lift overhead supply
IMPRO: Wyckoff Trader :(1:22:28 PM) : IBM seems to be driving this run up from the lows
IMPRO: Wyckoff Trader :(1:25:30 PM) : and with IBM obviously MSFT; IBM not a darling
IMPRO: Wyckoff Trader :(1:25:58 PM) : All the stars just lined up at 12:30 PM
IMPRO: Wyckoff Trader :(1:27:01 PM) : BA the strongest DOW30
IMPRO: Wyckoff Trader :(1:29:15 PM) : last rally lasted 35 minutes 45 handles and change; this one is still rolling
IMPRO: Wyckoff Trader :(1:30:26 PM) : currently at 80 minutes and 55 handles in distance
IMPRO: Wyckoff Trader :(1:30:55 PM) : of course you can always drop the soap in the SLOG…
IMPRO: Wyckoff Trader :(1:33:24 PM) : I can only say they were really buying AAPL at those lows
IMPRO: Wyckoff Trader :(1:40:18 PM) : MSFT and IBM not giving up
IMPRO: Wyckoff Trader :(1:47:54 PM) : Are we setting this up for a 2'oclock slide? Place your bets. How wants to go home short on a Friday with the Jobs Numbers out…
IMPRO: Wyckoff Trader :(1:56:51 PM) : look like it might be a grind up to the close; place your bets window ready to close
IMPRO: Wyckoff Trader :(1:58:00 PM) : NQ just taking it higher!
That about says it all.
Perhaps you first thought as the market opened yesterday was how far is this going to go down? It was mine! Bigger picture it's a good thing if you are looking to get long at the bottom. Most down moves at the open will last about till 10:00 AM to 10:15 AM. They could go longer but this time the downward thrust at 10:00 AM took all the play out.
The next turn up lasted about 35 minutes and recovered about half of the sell off. Next the downward drift lasts 80 minutes with the spring at the current day's low. This sets it up about 12:10 PM. It's a sign of strength. Not by what the bulls can do but by what the bears could not do.
Notice the shortening of the downward thrusts. And IBM and MST took the lead as I outlined above.
It's the lunch SLOG so naturally price drifts up on little volume. BY 2:50 PM price has recovered 5/8 of the days sell off and half of the first hour decline. It's 2:00 PM and what do you think happens? Yea, set em up and knock em down. Price slips away but supply is not pressing down on the market.
The Composite Man is just not willing to hold a bid. Then at 3:30 PM a slight bid comes in and holds the last hour low till the close.
I don't look for these they just seem to find me:
If you take the time to click on it, (6 min read) you'll see Elon is trying to corner the financial markets. Believe what you want. There is a push for 24 hour trading. And there is a push for T to free up the Bitcoin to freely trade. Just saying. If you don't' read it you won' understand what I'm talking about…
Regarding the fire – it's bad and sad. Looks like Hawaii all over. However, Elon did get the contract to start testing his self driving taxis in the area that burnt down or close to it. Things that make you got humm….
PROSE and THE NUMBAHS
Good morning. Today is SERIES S4H NORMAL with the spill down.
Todays News: No news of note. All times EST.
Cycle Bias / Tone: As I said I'm still bullish. Shaking out the weak hands is not for the timid. Yes I said that Friday. I'm doubling down. Perhaps not the best. Perhaps that big even is just begging to be tagged. Let's see what this week has in store.
I'm looking at the Weekly Pivot of 5965 handle. We see to be holding that as bulls step back in on each dip. I would have confirmation is we start holding at higher highs. And now after the jobs number that all went away. It could be more bearish than bullish today.
We dipped below that then recovered to close right at it.
I met Jimmy one day. Shook his hand. He had a weak wimpy handshake. I thought; "That's our leader?" (yes, I was young back in college)
Three doors (remember is a NORMAL Monday) Normal, Wedge Zoom, Link Stink
Honing (turns): Spill down, AM HIGH, MID AM LOW, lunch high, LAST HOUR HIGH
Previous Day's Numbers:
Open 5920.75
Hod 09:31 5921.75
Lod 12:10 5845.25
Settle 5864.75
Volume 1,675,277
Floor Trader Pivots
DAILY 5877.25
R2 5953.75
R1 5909.25
S1 5832.75
S2 5800.75
WEEK 5926.00
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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