Issue 1,731 – Copyright, 2024, by Wyckoff AM Trader
The day opened as S2L. The spill was up. Gap up then price tries to go down and craps. If you gotten long there you had a good day. I was not long. I was short. That was not what you wanted to be. I found out quickly as my stop was hit.
Price takes out the current high of day and I thought; "Hum, I guess it was a S2L kinda of day…" SO I quickly reversed my trade and went long.
The AM LOW was early and weak and sealed about 10:05 am. Nothing to do but wait for the lunch high. It was more of a hook around 12:05 pm. It's a FED day so traders are in "Hands in pockets mode."
Price slides down and the mid am low is more of a hook at 2:30 pm. Price rallies off those lows and we get a hook of the LAST HOUR HIGH at 30:05 pm. I can see Hank talking about some girls nose and I think; "Yep the high is in!"
During the LAST HOUR, price rallied to 5587/5589 at 2:55 p.m. on 12,000 lots but then pulled back to the 3:30 p.m. low of 5546/5548 on about 21,000 lots. After that, the price slowly moved back up to the highs, only to be stopped at the 5590 handle.
From a trader in chat:
IMPRO: PTGDavid :(1:41:57 PM) : Aoccdrnig to a rscheearch at Cmabrigde Uinervtisy, it deosn’t mttaer in waht oredr the ltteers in a wrod are, the olny iprmoetnt
tihng is taht the frist and lsat ltteer be at the rghit pclae. The rset can be a toatl mses and you can sitll raed it wouthit porbelm. Tihs is bcuseae the huamn mnid deos not raed ervey lteter by istlef, but the wrod as a wlohe.
As I said maany tinas Syrdey dows nyt rhpd ygur woves. Sge uses tokens, and guessess the next one!
PROSE and THE NUMBAHS
Good morning. Today is SERIES S3L with the spill-up.
I anticipate a "Hold it. Hold it. Hold it" kind of day. Price made a strong push after the Fed announcement, and now it needs to settle in a bit to determine its next path of least resistance.
News: Jobless Claims & Productivity and Costs at 8:30, PMI Manufacturing Final at 9:45, ISM Manufacturing Index & Construction Spending at 10:00, EIA Natural Gas Report at 10:30, 3-Month Bill Announcement & 6-Month Bill Announcement & 52-Week Bill Announcement at 11:00, 4-Week Bill Auction & 8-Week Bill Auction at 11:30, Fed Balance Sheet at 4:30. All times EST.
Last night: We are in a narrow 12-point range as prices attempt to gain momentum in either direction. We will need to wait and see the PMI data to determine the best course of action today. Bulls poked the Bear too many times and the Bear worked up and swatted price back down to the 60 handle. Where the Bulls woke back up and took it back up to the 85 handle.
Edge: The bulls are disappointed, and the bears aren't performing well either. We could see a drop back down before the wholesale PMI release.
7/8/9 AM: We have the potential for the automatic rally to start to tighten. The bulls have made a solid push from the 5432 low up to 5590 and change, which is a 158-point move from low to high, or about a 2 percent increase.
Globex: 22 handle trading range on 128K volume.
Cycle Bias: Favored to the bull.
Tone: VIX trading at 16.36
Shape of the day: Rope follows expansion. Need a surgeons scaple to trade it.
Honing: Spill down, 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 p.m. Fall Equinox September 22 8:43 am (all times est)
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