Issue 1,783 – Copyright, 2024, by Wyckoff AM Trader
Yesterday's Recap: Good morning. Today is SERIES S2L with the spill up.
By my eye, I'd say it was more of an S2H day than a S2L day. That's where WB got the Kewpie doll. We got no Kewpie doll yesterday. If you were in the bullish camp, the Composite Man just offered down on your parade.
Let's look at the numbers:
Open 5876.50
Hod 15:50 5918.50
Lod 09:31 5873.00
Settle 5908.00
Volume 712,548
This was Monday. Notice the volume. Less than 1 MM. Not a good sign. Notice the Lod at 9:31 and Hod of day at 15:50. Price is only telling you half the story. Volume is telling you the other. To me it looks like the Composite Man just ran price up hoping to catch any late to the party bulls looking to get on board. They have a name for that, and I don't' like to use it. It starts with an F and ends with a O and rhymes with?
I think Jim Dalton made it up because he didn't want to use:
From Wyckoff it's effort verses result. The Effort is lagging behind the Result. He called it a divergence. And it's still called that today.
It's not an indicator it's Supply and Demand, Cause and Effect and, Effort verses Result.
Now look at the next day (Tuesday)
Open 5911.00
Hod 09:31 5914.00
Lod 15:37 5850.00
Settle 5859.25
Volume 1,130,110
First notice the volume. Not twice but maybe a third more? Notice the Open and Hod. Notice the previous day Lod day of 5873 and the current day Lod of 5850 handle. Without a doubt this day went to the bears. Are we too much oversold? It was a 64-range day compared to a 45-handle range. Now notice the Open 5911 against the Hod and time of 9:31 am. Without looking at a chart, Wyckoff would encourage his subscribers to build a chart in their minds.
Only three handles in one minute. I can imagine somebody's getting out as somebody's getting in…
PROSE and THE NUMBAHS
Good morning. Today is SERIES S3H IFFY with the spill down.
Today's News: Import and Export Prices at 8:30, Treasury Buyback Announcement at 11:00, 4-Month Bill Auction at 11:30, Treasury Buyback Results at 2:00, API Weekly Oil Stocks at 4:30. All times EST.
Cycle Bias / Tone: I'm IFFY due to the low volume on Monday and the slightly above average volume on Monday. Bulls will really need to bring it or else, the newsletter writers will start to write potential terminal upthrust. If the bulls lose the 5850 handle it could signal all aboard for the bear crazy train.
Honing (turns): Spill down, AM HIGH, MID AM LOW, lunch high, mid pm low, LAST HOUR HIGH.
DAILY 5874.25
R2 5938.25
R1 5898.75
S1 5834.75
S2 5810.25
WEEK 5833.75
10/15/24 ESZ2024
Open 5911.00
Hod 09:31 5914.00
Lod 15:37 5850.00
Settle 5859.25
Volume 1,130,110
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: October 17 Hunter's Moon 7:26 a.m. Fall Equinox September 22 8:43 am (all times Est)
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