Issue 1,745 – Copyright, 2024, by Wyckoff AM Trader
As most folks know, I do not talk politics. I'm more of a exopolitics kind of guy. It's on the TV. I'm stuck watching it cause Windows which they are going to abandon just got forced an update. And speaking of forced, as most folks are aware, something coming.
A change is in the wind. A train is a coming. People get ready. I'll throw out some mile markers and the results of this November will determine how important these dates are. Here you go… Soon your reality is going to be shaken like nut in a tree. And what going to fall out of the sky well, you really don't want to know…
2026/2027, 2033 and 2055. Whatever you've been trying to get done…might just want to get it done by then!
And that's all a got to say about that. If you've been reading the last pages of that PDF file then you know.
The market yesterday was a constant grind up all day.
IMPRO: PTGDavid :(1:46:49 PM) : 8 days so far of One-Time-Framing.
That's a Jim Dalton term. It means a 30 minute bar did not retraced the low of the pervious bar.
The market opened up at the top of the previous day's range. Traded in a tight range till just after 10:00 am. I had S1L. Sure, I thought it might want to go down along with other traders who thought that. It did not. Bulls dropped the soap around 10:15 am at the low.
I always thought Bill (WB) said "soap drop" so he did not have to say he was wrong. So, I was it was S1H day all day. Perhaps the traders were front running the breaking news.
IMPRO: Justbob :(2:14:16 PM) : BREAKING : JEROME POWELL WILL MENTION THAT THE FED IS OPEN TO CUTTING RATES BY 50 BPS THIS FRIDAY AT HIS JACKSON HOLE SPEECH PER EVERCOREt
BY 10:40 am it was all over. The current high was taken out and traders were trying to short it all the way to the top. Thankfully I was not one of them. I walked away. The volume was low. Not a fan of the grind.
If you look back you can see around last Thursday at the 5570 handle a bid came into the market. That set up a base of reaccumulating. Yesterday just released the cause. The question is how far up is the effect?
Each push up was slightly corrected, and the bull just lifted price to a new intraday high.
Of course, traders are concerned about the volume as well as they should be. By my eye, 773K is the lowest all year.
PROSE and THE NUMBAHS
Good morning. Today is SERIES S2L IFFY with the spill up.
News: No news of note. All times EST.
Last night: Globex once again gets over their skies and tags a higher high around 3:00 am. Pulls back and holds the 30 handle. By my eye, it's starting to look like a shelf of distribution as the volume was low yesterday. This may indicate the bulls are unable to gather a following up at these highs and may need to give some back. Hence the IFFY.
Edge: It's a tuff trade up here. Yesterday's volume was the lowest of all. The Democrat convention is afoot. Expecting FED to cut rates and just around the corner is September. Eight days of a constant grind would indicate soon a pullback day. Just a 100 handles away from July All Time Highs.
Globex: 16 plus handle trading range on 108K volume.
R2 5668.25
R1 5646.75
DAILY 5610.00
S1 5588.50
S2 5551.75
WEEK 5505.00
Cycle Bias: Favored to the bull.
Tone: VIX trading at 14.65
Shape of the day: Potential for a strong trend day but perhaps not.
Honing: Spill up, AM LOW, (NO MID AM), lunch high, mid pm low, 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 9.m. Fall Equinox September 22 8:43 am (all times est)
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