Issue 1,732 – Copyright, 2024, by Wyckoff AM Trader
This was a day when Hank's girls from Brizal were front and center. Well actually they were more less front and more back. All day, traders were looking to see if they could find a bottom.
You can almost tell the technical read of the market by who's in chat. And if you know chat, Damanion was front and center. Giving his next S&P level.
I talked about it. I trust you saw it?
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.
Perhaps I could have been a little bit more verbose. The market opens up for 15 minutes. Finds a top. Sees supply and then for the rest of the day, is looking for a bottom. Does that about sum it up?
Yesterday was a 150 plus handle range on 252,000 lots. Twice the range and twice the volume. Globex has just kicked her to the curb.
Currently trading 5431 handle. Today. Jump ball!
PROSE and THE NUMBAHS
Good morning. Today is SERIES S4H with the down.
I'm going to double down today. The range and volume indicates a potential selling climax or at least and pliminary support. We will need to see what the market has in store.
News: Employment Situation at 8:30, Factory Orders at 10:00, Baker Hughes Rig Count at 1:00. All times EST.
Last night: Bulls took droped the soap at the 60 and the bears took price down to the 30. That about sums it up. A 30 point range overnight.
Edge: Bears took it to the hole yesterday. Did they take it too far?
Globex: 52 handle trading range on 128K volume.
Cycle Bias: Favored to the bull.
Tone: VIX trading at 18.59
Shape of the day: Normal, Wedge Zoom, Link Stink.
Honing: Spill down, AM HIGH, MID AM LOW, lunch high, mid pm low, LAST HOUR HIGH.
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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