Issue 1,739 – Copyright, 2024, by Wyckoff AM Trader
If you saw the closing ceremonies last Sunday night you saw the best and brightest on the planet. It was America won top medals in Gold, Silver, and Bronze. In another reality, we would have celebrated that big time. In full American style. Ralp Lauren (Polo) was featured. He has the contract for all US Olympic teams. I knew the buyer and he knew Ralph.
Now it looks like Hip Hop/California/Tech is going to be all MAGA AMERICAN. It's odd how just a few short years ago or perhaps months, they were all bad mouthing America. And look at her how!
Yesterdays' trade was framed by the pivots. Price opened at the Friday's high and drifted down to the daily pivot. A bid came in and righted the ship back up to R1. Price held there then drifted back down to the daily pivot where volume came in and held the bid a tad higher. This emboldens the bulls and price runs back up the 12:00 pm as it gets checked.
The SLOG drifts price back down to about 2:00 pm. For the clock it's more a mothing burger day with The bulls close the day with a dismal close right at the daily pivot. Traders are now suspicious that bad news is bad news and good news is good news. The FED waited too late.
PROSE and THE NUMBAHS
Good morning. Today is SERIES S3L with the spill down.
News: PPI-Final Demand at 8:30, 4-Week Bill Announcement & 8-Week Bill Announcement & 4-Month Bill Announcement at 11:00, Raphael Bostic Speaks at 1:15. All times EST.
Last night: Price got a bid and peaked it's head above the previous day's high. A lot of traders will be looking to get a short on at the open.
Edge: Not seeing an edge yet. If the bulls give it go it might go.
Globex: 42 handle trading range on 158K volume.
Cycle Bias: Favored to the bull.
Tone: VIX trading at 19.87
Shape of the day: Rope follows expansion. Need a traders 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.
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