Issue 1,840 – Copyright, 2024, by Wyckoff AM Trader
Yesterday: Good morning. Today is SERIES S3L with the spill up.
6. Honing (turns): Spill up, AM LOW, MID AM HIGH, lunch low, mid pm high, LAST HOUR LOW
3. 7:00 AM / Premarket: For now at least price is trying to recover and keep the rally going.
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.
Today: The spill up seals in 10 minutes about 9:40 AM. The AM LOW comes in early and weak. Call it 10:10 AM. MID AM HIGH is center time at 10:35 PM. Notice a 100 minute rally. Time is around 11:11 AM. It's time to reverse side and take a little off. The response to the morning drive is a lets call is a 140 minute drift down.
Now, when does this reaction occur. On Lunch slog. Notice volume coming back up into the market to lift price starting around 10:00 AM to 10:10 AM.
The lunch low seal was around 11:20 sharp center time as the drift down is climaxed by the volume spike as price expands downward. That seals it. Then a high high and a drift back up till 2:00 PM when the boys with the better seats start marking up the market. Now where do you think we start to see the intrada high / top start to creep in?
The mid pm high comes in on the volume spike at 2:55 PM. The bulls are not ready to give it up, so they keep holding the bid till the close.
Some say those opposing the potential for greatness in this country are adding short puts in the market. I know a few traders I know one especially and so do you who might agree. All I can say is old school technicals are indicating the path of least resistance is to the upside.
Earlier this week I was around a younger guy perhaps 25 to 28 in years having a conversation with his friend about HOW market savvy he was. And he uses the word it's
"MY TECHNICIAL ANALYSIS"
Well, I could not resist. I turned to him and said MY? Your technical analysis?
He says yes, it's mine and only mine. I make it up.
Well, many thoughts came to mind which I'll keep to myself… (some were angles on the head of needles, some were lawyers, and some were fools) But I kept that to myself. However, I did think before I spoke. The minds of men and then much, much, much later women have been playing this game since before the tulip bulb craze.
And my favorite man Jessie L. once said there is nothing new in the market, but each day the market teaches me a new lesson.
I wanted to share a lot of that with that younger man, but I could see his acceptance was as throwing seed upon the rocks. And you know who said that.
So, I just said this, IF you want to know the father of technical analysis. You need to go back to the beginning of technical analysis. And that is the 1930's
And one I would recommend you "GOOGLE" is the Father of modern technical analysis and that man is Richard D. Wyckoff.
But listening to you, you'd probably be an Eliot man.
As I walked away I thought:
"In my generation if an older man tried to mentor or share some tad bit of knowledge with a younger man the younger man would be as a Shammie on a freshly washed car but in this generation (2025) the younger man is like the wax…"
PROSE and THE NUMBAHS
Good morning. Today is SERIES S4H with the spill down.
1. Last Night: Now here's the part where WB would have said, "PEONS got themselves over their skis.
2. Large Size: Some size coming in at the 4:30 AM as price drips on down
3. 7:00 AM / Premarket: Currently price is trading over its skies waiting for the numbers at 6126 handle.
4. Todays News: Retail Sales & Import and Export Prices at 8:30, Industrial Production at 9:15, Business Inventories at 10:00, Baker Hughes Rig Count at 1:00, Lorie Logan Speaks at 3:00. All times EST. Waiting on the PPI.
5. Cycle Bias / Tone: This is the last day of the cycle and the last day of the week. You know what today is? IT's 'Debbie Day!' WB has left this planet (or he's still around) and Debbie has left us but this is Debbie day. The day is S4H and it's Friday. Today has higher potential to move… And remember a STRONG TREND has the POTENTENEIAL to pjrint the high/low print in the last print.
Three doors: Normal, Wedge Zoom, Link Stink.
What wakes this day a 'Debbie Day' is the Wedge Zoom. She traded the Wedge Zoom. The Wedge Zoom is a Zoom from the MID AM LOW or the MID PM LOW.
1. IT's Friday. Who want's go home short?
2. Price is drifting down from the highs but not volume and prize being pressed down upon the market.
3. The Zoom should start anywhere from the MID AM LOW (11:00, 11:30, 11:57)
4. Expect to see a Zoom from the PEON close up to the lunch. It should recover and set a new intraday high.
5. Ideal Wedge Zoom is a Zoom from the mid pm low (2:00, 2:30, 2:57) due to the time factor that catches the "sleepy shorts." And Zooms up into the close.
Also, another outcome for this day if the Wedge Zoom if the PEONS are over thier skis is the:
LINK STINK or Link a Stink. The Link a Stink is when the PEONS get over thier skies and the GLOBEX high sets the CASH high and price just sell off for the rest of the day.
And of course the last is the NORMAL:
The NORMAL is simply taking out the over head supply from the 20th and back and tagging the ALL TIME HIGH perhaps 70 points or more.
6. Honing (turns): Spill down, AM HIGH, MID AM LOW, lunch high, mid pm low, LAST HOUR HIGH
7. Previous Day's Numbers:
Open 6083.50
Hod 16:00 6138.00
Lod 09:39 6070.25
Settle 6132.75
Volume 1,226,074
8. Floor Trader Pivots
DAILY 6113.50
R2 6181.25
R1 6157.00
S1 6089.25
S2 6045.75
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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