Issue 1,752 – Copyright, 2024, by Wyckoff AM Trader
The eater while eating is being eaten… Well somebody got ate yesterday. Perhaps it was the bulls.
I was talking about the 50 handle as big size had been selling into it for the past few days. I guess they were cause the high of day was:
09:31 5644.50
That's telling you something. It going to be a ruff day if you are a bull. Price opens below the close of the previous day and trades around the Floor Trader Pivot. For the next hour you can slightly see a series of lower highs. I had S2L day so, you could argue it could have been a how deep is your three as price slid down to the PEON close.
However, the price needs to rally hard out of that PEON close. It did not. It merely was able to recover just half of the 11:00 am high. Perhaps it was the previous day's low that gave it some support as the shorts closed their trade to see what would happen at previous support. It was not enough. Price traded back down to the Floor Trader S2 Pivot. That's a really oversold position.
Was it something NVIDA was going to say after the close? What caused the sell off?
WB might have said the bulls dropped the soap at the AM TURN. WE could say yesterday was more of an AM HIGH as the lunch low was late and strong almost 50 handles lower. That would put the mid pm high recovering the SLOG range. As the LAST HOUR LOW comes into view traders start hitting the bid and takes price lower.
I'll leave this in till the end of this week. It really helps me. I trust it helps you!
To me it's more how to better understand the Reality we are now rowing in. As in row, row, row you boat – gently down the stream. History is really repeating itself there is nothing new under the sun. Cause merrily, merrily, merrily, merrily life is but a dream.
We are in the twilight of the Kaliyuga to give it an architype…or as I've said before the "Tailings of Reality." That's why the political structure, the top ruling structure is so out of touch with the Reality of the common man. It's a sign. Will your boat get righted, or will it get tipped over?
The eater while eating is being eaten…
I try to keep this in mind while trading at all times during the day. Especially if/when I watch the DOM. It means. Life is not linear but circular. As we trade, we want the rally to continue. We want to see price get back to that July high.
Look at it this way, as a system nears the zero reference it entryps and folds into itself. Everything gets wiped and it all starts over.
As the offer is lifted, the bulls are eating the supply. As the bulls keep eating the supply not only resources but capacity is eating the bulls. The eater while eating is being eaten… That's why price has to fade back.
We tend to think of a circle as one series of 360 degrees but really, it's two cycles of 180 degrees. While one form is ascending the other is descending. It's during this zero reference line that the viscipi of change is born. Wyckoff called it distribution and accumulation.
The cause and effect.
Think of the clock as a series of waves that influence the bulls and bears efforts. The highs and lows. With one side of the sine wave belonging to the bulls the other side to the bears. A circle is 360 degrees. One half of that is 180 degrees. One complete rotation is 360 degrees.
Think of the bulls as being on once side of that circle the top and the bears on the other side the bottom. As the bulls rally the stock, the bears are descending. After the bulls reach the top whether is the day of the week or month, then they start to descend. As the bulls start to descend, the bears start to ascend.
The eater while eating is being eaten…
Now if you like you can also fit this into the political infostructure but if you do you need to understand nothing changes. They had the same situation in golden age, silver, bronze and iron. Only in 2024 the media has replaced the Brahmin and the Vasihya has been replaced by the corporations. The Shudra they are always (common working man) you can find them on the bottom…
Jessie L himself said; "There is nothing new in the market but each day the market teaches me a new lesson!"
PROSE and THE NUMBAHS
Good morning. Today is SERIES S3H IFFY with the spill down.
Read: Bearish residual with bullish tendencies. After close NDVA sold off harder. A bid came in at 5576 and drifted down into the big even. Gaped down into Globex open, printed lower at 5562 then drifted back up to the open. This may indicate an oversold position. Could see a test of the Globex low. Lacking adequate volume for quality read. Price is moving away from 5560 trading toward 5620. Currently trading 5623 handle.
News: GDP & International Trade in Goods (Advance) & Jobless Claims & Corporate Profits & Retail Inventories (Advance) & Wholesale Inventories (Advance) at 8:30, Pending Home Sales Index at 10:00, EIA Natural Gas Report at 10:30. All times EST.
Last night: After NVDA earnings price traded even lower than the close. The market is hanging their hat on the promise/hope I can think of another word that is the opposite but potential of AI. I've beat that concept down for the past five years. I was talking about it before it had a name.
However, what they are not factoring in is the cost of energy the octave requirements on the grid for the connected hive mind.
(Edge: I'm seeing supply at the 5650 handle. Is it enough to hold the bulls back? We got GDP and PMI this week and soon Labor Day. Traders may be checking out getting ready for the holiday. (I said that yesterday) Looks like some supply checked the market just at the 5650 handle and sold off down to the 30 handle. This day could flip to the bullish side if the bears to not press within the first hour or so. I'm going to double down today.)
I doubled down the past two days and it's looks like it was the right play. Today, I don't' have a clue. The sell off yesterday was not really on high volume and a Labor Day is in the fray.
Everyone's all a twitter waiting on not Twitter but Nvidia. Seems it projected to be about 52 percent volatile in the trillion dollar club. Expectation is after the close. One by one's and two by twos. It's promising to be a wild ride! Yes I said that yesterday and we rode it all the way down about 60 handles or more. Perhaps it time to ride it back up since Globex recovered almost the range of yesterday with the exception of the open?
Globex: 74 plus handle trading range on 188K volume.
R2 5676.25
R1 5641.25
DAILY 5609.25
S1 5574.25
S2 5542.42
WEEK 5627.00
Cycle Bias: Favored to the bear.
Tone: VIX trading at 17.11
Shape of the day: This day is iffy due to the conflicting forces of potential oversold and Labor Day holiday as the Personal Income & PMI is a day away.
Honing: Spill down, AM HIGH, MID AM LOW, 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.
Dates: August 19 Sturgeon Moon 2:26 9.m. Fall Equinox September 22 8:43 am (all times est)
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