Issue 1,856 – Copyright, 2024, by Wyckoff AM Trader
Yesterday: Good morning. Good morning. Today is SERIES S3L with the spill up.
First we are still waiting on the clock to settle in due to dayight savings time. Your levels, TA's and Roundies!
The market opens up in a tight range. Well 25 point range looking for direction. Now, sell off to 10:00 AM then a rally back up to 10:30 AM. This looks strong but actually it's weak. If they really wanted the supply they would have drove it down futher. Just before the close and then riped it back up over Globex.
So price drifts down from the Settle of the previous day and a bid comes in around 11:40 AM. Trades sideways till about 12:30 PM and then drops the hammer on lower lows. At 1:40 PM you can see supply start to dry up. Gettign ready for the 2:00 PM hour of power. You can see a longterm intraday trend line and a short term intraday trend line. By 2:00 PM price starts to lift through these offers.
IMPRO: Wyckoff Trader :(8:42:20 AM) : Good morning. Today is SERIES S3L with the spill up.
IMPRO: Wyckoff Trader :(8:43:01 AM) : Perhaps a bit bullish today. Had power failure yesterday
IMPRO: Wyckoff Trader :(8:59:14 AM) : past few days have been closing tightly together
IMPRO: Wyckoff Trader :(1:30:06 PM) : bulls look to be buying but they are not ready to take this up
IMPRO: Wyckoff Trader :(2:07:58 PM) : bulls need buying pressure to lift the offers
IMPRO: Wyckoff Trader :(2:08:53 PM) : ideal recover the 45 handle
IMPRO: Wyckoff Trader :(2:09:28 PM) : currently at the halfway retracement a normal rally
IMPRO: Wyckoff Trader :(2:12:41 PM) : it's now or never
IMPRO: Wyckoff Trader :(2:13:38 PM) : intraday supply line broken
IMPRO: Wyckoff Trader :(2:14:30 PM) : let's tag the 45 handle
IMPRO: Wyckoff Trader :(2:16:06 PM) : 15 minute rally
IMPRO: Wyckoff Trader :(2:25:24 PM) : potential test of the supply line; bulls need to hold the 45 handle
IMPRO: Wyckoff Trader :(2:30:03 PM) : bulls eating up time on the clock, they better bring it; only recovered 1/3 or down swing
IMPRO: Wyckoff Trader :(2:39:30 PM) : now bulls hold the 45 handle
IMPRO: Wyckoff Trader :(2:59:23 PM) : last rally was 30 minutes let's see what they got if that got anything
IMPRO: Wyckoff Trader :(3:03:33 PM) : bulls held the 1/3 retracement of the last rally
If you draw a trend line from 2:00 PM to 2:30 PM you can see price is getting weak due it's inability to penetrate the overbought line and how it's bluring into the suport. line. A move down for 5 minutes and then a move back up to 3:00 PM puts price under the support line and ends the up move. A move back down to shake out all the weak holders as volume comes in around 3:30 PM to the close changes the technical position from weak to strong as shares enter back into the hands of those in the know.
Hence the drive down I was eluding to eariler.
PROSE and THE NUMBAHS
Good morning. Today is SERIES S4H with the spill down.
1. Last Night: As market do after the close (sure Dollar General did it) that they just ramped up off those lows. And kept going. Found supply at the 85 handle and pulled back. Currently trading 5583 and change.
2. Large Size: Some larger trader interest entered as price was moving up.
3. 7:00 AM / Premarket: Not really moving the needle. Trading around the 80 handle. We may be looking at a top need more trade to occur to see. Expect a slight pullback as the market opens. Potential for CASH to try to get price back to WHOLESALE before move is taken.
4. Todays News: Consumer Sentiment at 10:00, Baker Hughes Rig Count at 1:00. All times EST
5. Cycle Bias: Those SEP lows from last year are just begging to be tested. When? Today, Tomorrow, Next day? That up to the bulls to drop the soap. Price has been trading at the low for nearly all day's for the past 13 days. You might see a quick shake out then onward and upward providing the timing is right.
And now they are testing them. Let's see the bulls responce.
With the time change it may take a week or two for the clock to get back in synch. Keep and eye out on the PEON close.
Three Doors: Normal, Wedge Zoom, Link Stink.
6. Honing (turns): Spill down, AM HIGH, MID AM LOW, lunch high, mid pm low, LAST HIGH
7. Previous Day's Numbers:
Open 5598.00
Hod 10:26 5603.75
Lod 13:50 5509.25
Settle 5543.50
Volume 1,542,627
8. Floor Trader Pivots
DAILY 5552.00
R2 5646.50
R1 5595.00
S1 5500.50
S2 5457.50
WEEK 5815.75
Range 94
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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