Issue 1,848 – Copyright, 2024, by Wyckoff AM Trader
Yesterday: Good morning. Today is SERIES S1H with the spill odds down.
Ok. Yes, I should have gone with S1L. Normally the cycle flips. I did not flip it. Who Knew?
You could say the PEONS where over their skies and CASH sold it at the open. And you'd be right! It looks like they came in ready to sell and were not a bit timid about it. NVDA seems to be the whipping boy in this line up. META, GOOG, AMZN, and the whole gang. It's a S1 day WB would have just went fishing for the day.
This day has a tendency to trend badly. And it did for the bears. The one thing we know for sure is that those were not selling climaxes. Now, that does not mean yesterday was a selling climax due to the volume. However, it could have been an potential preliminary support or a potential selling climax providing price does not move lower.
By my eye, it looks like they want to test that dip on January 25, this year. So looks like we're are going to have to go with S2H for today.
PROSE and THE NUMBAHS
Good morning. Today is SERIES S2H IFFY with the spill down.
1. Last Night: Price dipped down below the CASH low and recovered. Looks like it might want to set up for a bullish day.
2. Large Size: No major large size but bulls were buying on the dip to to the 59 handle and the 69 handle.
3. 7:00 AM / Premarket: Nothing really moving the needle after the numbers. Trading around the 5896 handle.
4. Todays News: Thomas International Trade in Goods (Advance) & Personal Income and Outlays & Retail Inventories (Advance) & Wholesale Inventories (Advance) at 8:30, Chicago PMI at 9:45. All times EST
5. Cycle Bias: I could be wrong on this, but I do feel that we have a potential preliminary support or preliminary selling climax due to the expanded price extent and expanded volume coming off the lows. Ok said that yesterday. Then yesterday was potential preliminary support or preliminary selling climax. We just need more price action and time on the clock to get a better read.
6. Honing (turns): Spill down, AM HIGH, (NO MID AM), lunch low, mid pm high, LAST LOW
7. Previous Day's Numbers:
Open 5995.50
Hod 09:38 6007.25
Lod 16:00 5873.00
Settle 5879.25
Volume 2,170,501
8. Floor Trader Pivots
DAILY 5919.75
R2 6054.00
R1 5966.50
S1 5832.25
S2 5785.50
WEEK 6098.00
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: February 12 Snow Moon 8:53 a.m. Spring Equinox March 20 5:01 a.m. (all times Est)
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