Issue 1,839 – Copyright, 2024, by Wyckoff AM Trader
Yesterday: Good morning. Today is SERIES S2L with the spill up.
6. Honing (turns): Spill up, AM LOW, (NO MID AM), lunch high, mid pm low, LAST HOUR HIGH
I think we got the KEWPIE DOLL TODAY!
Spill up comes in on time as the seal is 9:55 AM. Then the AM LOW just off center time at 10:15 AM. Now on the S2 day there is no MID AM TURN. SO we wait till lunch turn which today is high. Notice the spike at 1:00 PM. Now also notice the daily pivot 6083. It you are looking for a good place to get out.
You've found it. That is if you got in at the AM LOW. You did get in at the AM LOW?
Notice the slight volume spike and recovering about half of the pervious day's range. Now, understand the next turn is a minor turn. That's why it in lower case. Two turns left a minor and a major. We would expect the minor to give back just a little. That's why WB called it a "Dog Leg."
The problem is we get that about 2:10 PM the mid pm seal. Now, that comes in just at the floor trader pivot R1 6067 handle. There is one rally left but could it really take out the current intraday high and the floor trader pivot in just under an hour and half?
Chances are the folks who sold it a 1:30 PM the lunch high would have more to sell at 3:00 PM through the close. Bulls had a good day. They got the flag and the bragging rights!
So the lunch high comes in at 3:00 PM sharp and then start to drift back down to the floor trader pivot R1 handle and closes.
PROSE and THE NUMBAHS
Good morning. Today is SERIES S3L with the spill up.
1. Last Night: Globex tried to go it alone but finds supply at the 6090 handle. Trades back to the halfway correction of the CASH range. Tried to recover but finds supply around the 72 handle.
2. Large Size: Some larger size came in around the 72 at 3:10 AM and at the 53 at 4:00 AM.
3. 7:00 AM / Premarket: For now at least price is trying to recover and keep the rally going.
4. Todays News: Jobless Claims & PPI-Final Demand at 8:30, EIA Natural Gas Report at 10:30. All times EST. Waiting on the PPI.
5. Cycle Bias / Tone: We will need a catalyst if price is going to take out the overhead supply. Till then is chopping away. Falling back. Regaining. Then chopping away. That was somewhat what happened Friday. Could see some more downside providing the news is not too expected.
Yes, that what happed yesterday but notice the bias is still to the bulls. It's a full moon. Price is holding the weekly pivot of 6063 and tempting to big even 6100 and perhaps more by end of week. That's what I said the last two days. So I'm doubling down today.
6. Honing (turns): Spill up, AM LOW, MID AM HIGH, lunch low, mid pm high, LAST HOUR LOW
7. Previous Day's Numbers:
Open 6030.75
Hod 13:01 6084.75
Lod 09:32 6023.75
Settle 6073.50
Volume 1,194,411
8. Floor Trader Pivots
DAILY 6060.50
R2 6121.50
R1 6097.50
S1 6036.50
S2 5999.50
WEEK 6036.67
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: February 12 Snow Moon 8:53 a.m. Spring Equinox March 20 5:01 a.m. (all times Est)
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