Issue 1,742 – Copyright, 2024, by Wyckoff AM Trader
We are at that part of the run where you never know which side will be dominant during the day. Price has run backup to the 5500 handle after falling down to the 5200 and below. Summer is closing down. The FED is expected to cut rates. What is bad news is bad for the market. What is good news is good for the market. Traders are in a wait and see mode.
And there is talk of which side the 50 MA will hold.
Yesterday was more of an S4L day but still we closed strong or at least above unchanged. As I write Globex is doing what Globex does and trying to knock on the big 55 even door.
Yesterday price sold off at the open for the first hour. Get's oversold. And then rallies up to print a new intraday high. BY 1:00 pm price gives back its gains or at least half of them. This emboldens the bulls and they try again only to fail at the close.
PROSE and THE NUMBAHS
Good morning. Today is SERIES S1H with the spill odds down.
News: Jobless Claims & Retail Sales & Philadelphia Fed Manufacturing Index & Empire State Manufacturing Index & Import and Export Prices at 8:30, Alberto Musalem Speaks at 9:10, Industrial Production at 9:15, Business Inventories & Housing Market Index
at 10:00, EIA Natural Gas Report at 10:30. All times EST.
Last night: Price is trying hard to get out of the supply line. Price tried to advance past the big even 5500 but was turned back due to lack of a following.
So much for second guessing. Who knew Retail was so popular? Price has penetrated 55 big even and pressing higher
Edge: I'm not seeing an edge yet. If the bulls give it a go, it might go. I said that yesterday; I'm thinking bearish.
Globex: 21-handle trading range on 118K volume.
Cycle Bias: Favored to the bull.
Tone: VIX trading at 16.28
Shape of the day: Odds and probabilities.
Honing: Spill odds down, loupe loop, LAST HOUR ODDS 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.
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