Issue 1,770 – Copyright, 2024, by Wyckoff AM Trader
Yesterday's Recap: Good morning. Today is SERIES S2L with the spill down.
This day just drifted down. The goal of the Composite Man was to lull folks out of their trade. Upthrust from yesterdays' high slowly gets sold off. Price takes out the close then looks for the pivot. Still the Composite Man is not taking all that is offered. Just some and letting price drift back down.
We get to the halfway retracements about 1:00 pm and you can start to see volume coming in. Then 2:30 pm a shortening of the downward thrust.
From 1:50 pm to 2:00 pm you can see the first time the Composite Man is lifting his buying lifts aggressively. Then a drift down and test. Notice at 2:15 pm we have a slightly higher high on slightly decreased volume. This is bullish price behavior.
Price starts to drift up to the floor trader pivot and then pulls back. The last hour starts to drift down till 20 minutes before the close price starts to drift back up on slightly increased volume.
Now, notice the last minute 5 points on 32K and 4 point on 8K volume. This is giving you an indication the Composite Man is looking to start lifting his offers. Perhaps start to marketing up campaign.
Now, looking at Globex we are trading 100 handles higher on little to no volume. I'm suspicious but then I'm always am…
PROSE and THE NUMBAHS
Good morning. Today is SERIES S3L with the spill up.
Last Nights Trade: Just took price 100 points higher on little to no volume.
Large Size Activity: Larger size of Globex was seen across the board.
Today's News: Durable Goods Orders & GDP & Corporate Profits at 8:30, Susan Collins Speaks & Michelle Bowman Speaks at 9:15 Jerome Powell Speaks at 9:20, John Williams Speaks at 9:25, Pending Home Sales Index at 10:00, EIA Natural Gas Report & Michael Barr Speaks 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? (same last night)
Honing (turns): 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: September 17 Harvest Moon 10:34 p.m. Fall Equinox September 22 8:43 am (all times Est)
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