Issue 1,753 – Copyright, 2024, by Wyckoff AM Trader
Globex: 74 plus handle trading range on 188K volume. That might have been an hint who the day might turn out. I had S3H day which is a bearish day. Now, not sure if I feel redeemed or not. The AM HIGH was late and strong at 10:55 am. The MID AM LOW was about center time at 11:25 am.
The lunch high was center time 12:40 pm. Until then it all looked good. That is if you were a bull. Then the showers turned on and the bulls dropped the soap. It was just a five handle drop but that was all it took. Then just two hours later the mid pm low came in hot talking out all support from today and yesterday like a hot butter knife.
And at 3:40 pm the LUNCH HIGH seals.
Traders are asking themselves what this has to do with the upcoming holiday. What this has the do with BAC getting dumped by BARK.A. And what BRK.A has to do with joining the trill club. And what this got to do with the end of the month.
Sure, the FED is going to do their thing but that does that got to do with the November election?
IMPRO: tbohn007 :(3:15:58 PM) : as the late great Robin Williams said…. its all about liquidity ……
IMPRO: tbohn007 :(3:16:01 PM) : https://youtu.be/nc-EAHaHeks
IF you watch it, you'll see a lot of truth in what Robin says!
Now, it's low liquidity so the market could grind it all back today. Who Knows. Best trade is perhaps next month. No not really most professional traders will say that September is the one month that highest potential to turn red. Then there is also October and November…
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 S4L IFFY with the spill up.
Read: Bearish residual with bullish tendencies. Same today. Bulls gave up past 50% and held the 33% on the yesterdays trade. Volume came in and held the big even. For now, price is holding 26 handle higher. I'm still waiting on the test of the Globex low from Wednesday. Price is trading off the big even with eyes on the 44 handle. Currently trading around the daily floor trader pivot of 5626 handle.
News: Personal Income and Outlays at 8:30, Chicago PMI at 9:45, Consumer Sentiment at 10:00, Baker Hughes Rig Count at 1:00. All times EST.
Last night: After a late day sell off, price rallies off the low and closes. Currently Globex has recovered the close and trading at half the range of yesterday's decline.
(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.)
Globex: 31 plus handle trading range on 118K volume.
R2 5692.25
R1 5655.00
DAILY 5626.50
S1 5589.25
S2 5560.75
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 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.
Dates: August 19 Sturgeon Moon 2:26 9.m. Fall Equinox September 22 8:43 am (all times est)
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