Issue 1,738 – Copyright, 2024, by Wyckoff AM Trader
The market grinded up today. While that may should good for the bulls it's really not. It brings traders like DAMION out to start looking at the short side of the equation. Price opened at the close of the previous day and hung around for a while.
The spill down sealed around 9:50 am. Not only traders agreed but some ALGO'S agreed also. As price tries to peek its head out of the previous day high volume checked the rise. BY 1y 10:30 am price finds a bid and the bulls give it another go. BY 11:10 am bulls see themselves getting checked again as they print a higher high.
Price drifts back down and by 12:30 pm a bid steps up at a higher low. At 1:30 pm bulls print a new intraday high as volume checks the rise. Price drifts down till 2:30 pm and it looks like the bulls are going to knock it out the park.
By 3:00 pm the results look dismal. Price prints a close just at the high of the previous day.
This week may bring more excitement to the table. For now, it could be dicey for the bulls…
We may have started to enter into a market phase where bad news is bad and good news is good. Traders are now saying the R word and R not afraid to use it in print and media. The Algo's may start to run the table on those events.
PROSE and THE NUMBAHS
Good morning. Today is SERIES S2L Normal with the spill up.
News: No news of note. All times EST.
Last night: A constant grind up. Trading 5384
Edge: It's normal. The cycle may have changed. It could grid up some more or start to drift down.
Globex: 37 handle trading range on 108K volume.
Cycle Bias: Favored to the bull.
Tone: VIX trading at 20.48
Shape of the day: You may have to potential to trend either way.
Honing: Spill up, AM LOW, (NO MID AM), 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.
Comments are closed