Issue 1,867 – Copyright, 2024, by Wyckoff AM Trader
DAILY:
If you back up the chart to the weekly and draw a long term support line, you can easily see where Dec, Jan, and Feb price was unable to penetrate the supply line. This is indicating weakness. There is still some more to go. You could see 5509 being tested before it's all over.
YESTERDAY INTRADAY
Good morning. Today is SERIES S2L IFFY. I would anticipate – Price to dip down futher. The 56 big even is not too far away. It's a Friday, who want's to go home short?
5. Cycle Bias: You could see a how deep is your three. That down to the PEON close and then up to the lunch high. It will be a hard road for the bulls to hold. Currently price is holding at the S1 5715 floor trader pivot.
The closing is weak and that makes today IFFY.
And it was! All the way back down to where it started.
This day is about the PEON close. Once price gets to going downward. 11:00 AM to 11:30 AM is the only place where support might come in. It would have been a two hour decline and price has the potential to get ovesold. The S2L day as a potential for a double bottom, due to the "HOW DEEP IS YOUR THREE" taking price down futher due to the lack of a MID AM TURN.
Of the 500 securities in the S&P 500 about 247 are; "You'll need an appointment to trade them." As Wyckoff once said. They are a thin market. A lot of play between the bid and ask. Of the remaining. About 177 are laggards. They follow the leader but are not leaders. Now, that leaves up with about 30ish securites that traders follow to get a lean on the market's next turn.
If those 30ish securities only 7 of those are in the DOW 30 securities. Alot of the DOW 30 securities are near the "trade by appointment." Close not there yet.
Some of the high flyers are not so high today.
Had you gotten short on the spill up that sealed at 9:45 AM on the opening drive up and held to the AM LOW seal at 10:55 AM with some residual bear at 11:10 AM. You'd had a good day. The lunch high was not so high. It was early and weak at 12:05 PM. As the mid pm low was cought low at 2:45 PM with the LAST HOUR HIGH at 3:10 PM.
PROSE AND THE NUMBAHS
Good morning. Today is SERIES S1H NORMAL. I would anticipate – Price either to hold these low are start to test upper grounds.
1. Last Night: Price just drips down takes out the CASH low and searches for a new low.
2. Large Size: Some larger size is sneaking through on the bear side. Expect today to be a roller coaster.
3. 7:00 AM / Premarket: Currently price is trading looking for a low. The jobs report is this Friday.
4. Todays News: Chicago PMI at 9:45. All times EST
5. Cycle Bias: The cycle starts over today. I would say some bullish tendencies due to that 2 hours of trade hesitation. All guidance is blaming the bad on the Trumps tariffs. This day could see more downside until April 2, Independance day. Let's just see how the day plays out when CASH opens.
6. Honing (turns): Spill down, loupie loop LAST ODDS HIGH
7. Previous Day's Numbers:
Open 5742.75
Hod 11:20 5779.75
Lod 09:44 5720.00
Settle 5743.00
Volume 1,275,092
8. Floor Trader Pivots
DAILY 5747.50
R2 5807.25
R1 5775.00
S1 5715.25
S2 5687.75
WEEK 5713.25
Range 59
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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