Issue 1,754 – Copyright, 2024, by Wyckoff AM Trader
Good morning. Today is SERIES S4L IFFY with the spill up. That was Friday. And I felt strongly I nailed it. That is until the Zoom up from the AM LOW. That would be a Wedge Zoom from a S4H day. WB might have said the bears dropped the soap starting at the mid pm low.
Looking at the trade you can see price dipped down to the halfway retracement of Thursdays range. Also, the close/settle and the Floor Trader Daily Pivot. So, for about two and half hours you can see a potential base of accumulation. From 11:30 am to 1:30 pm and then 2:00 pm the Composite Man was keeping price low and depressed.
By 3:00 pm price is well on its way to recovering the day's range. I suspect of the last 10 minutes of Fridays' trade as volume comes in a climax the up move on greatly increased volume. Currently on the Holiday, price is drifting back down holding the last hours lows.
PROSE and THE NUMBAHS
Good morning. Today is SERIES S4H NORMAL with the spill down.
Read: Bearish residual with bullish tendencies. New day. New month. new week. Let's see where/how price wants to trade.
News: PMI Manufacturing Final at 9:45, ISM Manufacturing Index at 10:00, Construction Spending at 10:00. All times EST.
Last night: Over the weekend Globex tried to knock just 30 handles on heavens door but was turned away by St. Peter. Perhaps today's CASH?
Edge: Let's see what the Composite Man has instore for the new month and new week.
Globex: 43 plus handle trading range on 268K volume.
R2 5708.58
R1 5681.42
DAILY 5637.83
S1 5610.67
S2 5567.08
WEEK 5628.00
Cycle Bias: Favored to the bull.
Tone: VIX trading at 15.65
Shape of the day: It's a normal day due to the three day HOLIDAY.
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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