Issue 1,733 – Copyright, 2024, by Wyckoff AM Trader
Price opens gap down and doesn't look back. A small 10 minute rally challenges R1 and bulls start to see some supply. Two hours later at 11:30 am bears give it up for a while and let the bulls get possession of the soap. An hour rally follow as price is just able to half of the loss. By 2:30 pm it looks like we may have potential for the bulls to take it to the hole and strong.
Atlas, it was not going to happen. Price closes weak. Very weak on greatly increasing volume. However, price does hold the halfway retracement of the loss.
It's hard to get a read on this summer trade. Sell and May and go away, seems to be working out. The Damion trade seems to be the favorite. The market is just giving it up. And for no real reason. The Retail big firms just keep buying as the ALGOS just keep shorting.
Globex over the weekend opened gap down and it's just been a free fall. Some traders have been trying to catch a falling knife and all they draw back is a stump.
PROSE and THE NUMBAHS
Good morning. Today is SERIES S3L Normal with the up.
In spite of a high volume seen on Friday, Over the weekend Globex was determined to take price lower. And it did. Is it a spring? We will soon know after the open.
News: PMI Composite Final at 9:45, ISM Services Index at 10:00, 3-Month Bill Auction & 6-Month Bill Auction at 11:30. All times EST.
Last night: Bears just kept offering down all night long.
Edge: Bears took it to the hole yesterday. Did they take it too far? (that was Friday). Perhaps today the bulls will have a go at it.
Globex: 69 handle trading range on 234K volume.
Cycle Bias: Favored to the bull.
Tone: VIX trading at 23.39
Shape of the day: Rope follow expansion. Need a surgeon's scapple to trade it.
Honing: Spill up, 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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