Issue 1,857 – Copyright, 2024, by Wyckoff AM Trader
Daily: Perhaps price got oversold as Thursdays dip tested the September 9th lows. Friday's rally may have been a technical really in a bearish market. We will need to see more. Price has been on a slide since February 25th. All the gains from the November push up after the presidential election have been removed.
Intraday Yesterday: Good morning. Today is SERIES S4H with the spill down.
First we are still waiting on the clock to settle in due to dayight savings time. Your levels, TA's and Roundies!
The first note that struck me as the market opened up Friday was it was trading above it's daily pivot. This indicates a change of behavior. This was the first time in a while. Now, in an ideal world you would want to go long or focus on dips in this range. I did not but IDEAL I SHOULD HAVE!
The market has a quick drive up for about 25 minutes just wetbeaking the previous days' high. Then a lunge down at 10:00 AM tags a new intraday low. Price responds with a retracement back up to 5/8 and change. This looks weak but it's not. The COMPOSITE MAN does not want price to move up but he cannot keep it down. The COMPOSITE MAN checks that buldge aat 10:05 AM nd offers price back down to a higher low. This is the signal. Bears are not able to press price lower. The bulls are emboldened.
You could draw a support line from 10:00 AM to 10:20 AM low and a corresponding overbought line to frame out the trade. The COMPOSITE MAN seems to be in a hurry for price to move up. Perhaps he could not keep price down. Perhaps there was just no supply at the lower levels.
You can see a small trend line from 10:20 AM up to 11:00 AM. From 11:00 AM up to 12:00 AM each upthrust is about the same. Then a resting spell down to 12:30 PM is checked as bulls step up and hold a bid. The a recovery back up to 1:00 PM slightly lower high. The bears get encouraged and start offering price down to about 2:30 PM.
This respects the support line at 2:25 PM and bulls take price back up. A pullback to the 1/2 retracement is just too much for the bulls to give up. It's Friday and the R1 has been in their sights. At 3:55 PM the 5647 is tagged and the day closes on an intraday high.
PROSE and THE NUMBAHS
Good morning. Today is SERIES S3H Normal with the spill down. I would anticipate the bears have a swing at the bat. The program traders seemed to be hitting the sell button Friday at 12:08 / 12:12 PM as the TIKI turned -12 and -14 on a range of about 5 handles. It was a slight selling. You could see from 3:40 PM volume coming in on each bar. This normally indicates the public is coming in. It's a Friday. Who want's to go home short? Perhaps it was scare the bulls from 3:10 PM down to 3:30 PM.
WB could have called that a book square to the close but he had a particular time for that.
1. Last Night: Price is trading just at the daily pivot of 5613 and just under the weekly pivot of 5631 handle. Over the weekend it was a 33 handle trading range. As the PEONS opened
2. Large Size: No large size of note.
3. 7:00 AM / Premarket: Price starts to get a bid around 3:00 AM off the 5600 handle. By the numbers price is move up to the 40 handle. And now testing the Friday's high. Currently trading above the daily and weekly pivot.
4. Todays News: Retail Sales & Empire State Manufacturing Index at 8:30, Business Inventories & Housing Market Index at 10:00. 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.
Yes that all happened Friday a rally from Thursday's low. Now, Monday those lows may get tested again at a higher low. This is providing there is no supply down at those levels.
6. Honing (turns): Spill down, AM HIGH, MID AM LOW, lunch high, mid pm low, LAST HIGH
7. Previous Day's Numbers:
Open 5572.00
Hod 15:57 5648.75
Lod 10:01 5564.00
Settle 5626.50
Volume 1,290,720
8. Floor Trader Pivots
DAILY 5613.00
R2 5697.75
R1 5662.00
S1 5577.25
S2 5528.25
WEEK 5631.00
Range 84
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)
Comments are closed