Issue 1,769 – Copyright, 2024, by Wyckoff AM Trader
Yesterday's Recap: Good morning. Today is SERIES S1H with the spill odds down.
This is the day to sit out and wait till the end of the day. WB would say he'd gone fishing that day. To me yesterday proved that NVDA is the tail that wags the dog. On the move down, the market keeps going down till NVDA goes back up. It's sad. One security is ruling the roost.
The other Mag 7's didn't seem to care…
The first day is a hard read. We get a spring below the previous day's low. And NVDA takes it lower on the retest. It shows weakness but the 10:00 am Consumer Confidence gets price too oversold. By 10:35 am you can see price is unable to take it lower. All the shorts/sellers are out, and the bull rally is in.
The 80 minutes later price is above the current high of day. It all seems like there is a plan, but the volume is low. Around 900K lots.
Price holds at the 5787 handle about an hour and half and then starts to drift downward. A series of lower highs and lower lows put the bear back into the picture. Then Algo's spike it down at 2:30 pm. Where the daily pivot, halfway retracement of the current rally, and halfway retracement of the previous day support a bid.
Price trades back up to the 5787 handle and the last print of the day sees 94 on 57,000 lots.
PROSE and THE NUMBAHS
Good morning. Today is SERIES S2L with the spill down.
Last Nights Trade: Not much a drift down to the half way of CASH and then back up.
Large Size Activity: Little size at the 74 at 2:00 am and 93 at 7:00 am. That would frame the range.
7:00 AM / Premarket: Nothing moving the needle here trading 89's.
Today's News: New Home Sales at 10:00, EIA Petroleum Status Report at 10:30. All times EST.
Cycle Bias / Tone: Algo's overnight pushed it back up again. Bullish bias without volume but wouldn't that be bearish?
Honing (turns): Spill up, AM LOW, (NO MID AM), lunch high, mid pm low, LAST HOUR HIGH.
9/25/24 ESZ2024
Open 5784.25
Hod 16:00 5794.25
Lod 10:41 5754.75
Settle 5790.50
Volume 936,900
DAILY 5779.75
R2 5819.25
R1 5804.75
S1 5765.25
S2 5740.25
WEEK 5736.00
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: September 17 Harvest Moon 10:34 p.m. Fall Equinox September 22 8:43 am (all times Est)
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