Issue 1,851 – Copyright, 2024, by Wyckoff AM Trader
Yesterday: Good morning. Today is SERIES S3L with the spill up.
Yes after the bears and the bulls showed their hand it was S3H day.
As the day opened within the range of the previous day the day was more muddy than trending.
The market opened working 25,000 lots to the sell side the first three minutes. Who was working only Hank would know. Next a pop up to the 13 handle where more selling quickly checked the bulls move. The COMPOSITE MAN offers down till jsut about the 10:00 numers. Another pop up to the 15 handle is checked on 17,000 lots as price trades back down to unchanged.
IMPRO: Wyckoff Trader :(9:52:07 AM) : For now, bears seem to have the upper hand; bulls will need to bring it (notice the time marker)
In the shorter time frame the COMPOSITE MAN bought everything that was offered down from 11:00 AM to 11:55 AM. That would be the MID AM LOW. You can see as a bid comes in at 12:00 PM price lifts the offer up to the 11:00 AM marker. The COMPOSITE MAN is just taking that not realy to lift the offers past the morning intrday high.
Then about 1:00 PM a new intraday high is tages. Looking for the lunch high.
The AM HIGH was early and weak 10:10. The MID AM LOW was late and strong at 11:50 AM. Lunch high sealed at 1:10 PM. It gets a bit muddy here as price keeps going up. The mid pm low is just after 2:00 PM it's a minor turn. Look at the LAST HOUR HIGH. It seals at 3:10 PM. Over all it was a sell day with buying on the lows.
IMPRO: Wyckoff Trader :(8:44:16 AM) : Good morning. Today is SERIES S3L with the spill up.
IMPRO: Wyckoff Trader :(9:52:07 AM) : For now, bears seem to have the upper hand; bulls will need to bring it
IMPRO: Wyckoff Trader :(10:30:24 AM) : I'm just saying there appers to be a resting sell order
IMPRO: Wyckoff Trader :(11:52:07 AM) : looks like price is going to slip slide away to that spring and take a dip
What I'm indicating here is that price is looking to spring the previous day's low. You can see price is having trouble. The old timers call it bag holding.
IMPRO: Wyckoff Trader :(1:08:22 PM) : potential lunch high; window still open
That was the high of lunch high
IMPRO: Wyckoff Trader :(2:55:19 PM) : bulls holding 1/3 retracement from rally; bears may have a tussle
They did but they managed an upthrust at the 3:10 PM hour for the LAST HOUR HIGH.
I'll keep this another day:
Let's talk about it. WB often looked at premium the SPOTS were derived from it. He used Hank's numbers. I don't think they ever met but they should have. I use PREM.
Do I understand it? Of course not. Only one man that I know of is Hank. Here a conversation we had:
IMPRO: Wyckoff Trader :(8:49:06 AM) : Good morning. Today is SERIES S2H with the spill down.
IMPRO: Wyckoff Trader :(10:26:39 AM) : everyone seems to be in agrement in the dow30 to hit the sell button
IMPRO: Wyckoff Trader :(10:32:02 AM) : hank; what happened around 10:44 where the prem poped up to 22 and the prnq poped up to 108?
(Hank is on Chicago Time. WB was on NY time. He said it was the Prostadts against the Catholics. I went on the wrong side I meant 9:44)
IMPRO: HL Camp :(10:44:21 AM) : Here you go Keith = PTOneMinute 08:46:23 check out the premium ↩
When I saw that PTOneMinute post. I felt great. PTOneMinute is a girl and a very good trader according to Hank. I thought; "Great Minds Think Alike!"
IMPRO: HL Camp :(10:44:35 AM) : ✖ HLCamp 08:47:22 PREM is a function of ….. ✖ HLCamp 08:44:54 The globex engine is super thin = prices are all over the place
IMPRO: HL Camp :(10:44:48 AM) : ✖ HLCamp 08:48:22 and trying to clearn 10,000 ES and the price moved 14 handles!
IMPRO: HL Camp :(10:44:58 AM) : ✖ HLCamp 08:48:29 that drives the prem straight up
IMPRO: HL Camp :(10:45:04 AM) : ✖ HLCamp 08:49:19 normally this week ES is 2000 X 2000
IMPRO: HL Camp :(10:45:13 AM) : ✖ HLCamp 08:49:26 right now it is 500 X 500
IMPRO: HL Camp :(10:45:46 AM) : hope that helps
IMPRO: Wyckoff Trader :(10:46:10 AM) : Thanks yes!!!!
IMPRO: Wyckoff Trader :(10:47:20 AM) : illiquid in a CASH market; not a good day to trade
IMPRO: Wyckoff Trader :(11:00:37 AM) : Thanks so much Hank, I forgot to look at the range as a function of the volume and premium
Hank is alot like WB. You got to read his posts and decipher them. It was like a light went on. Ephinay!!!
I really couldn't thank him enough. IT's the range, we know it's a buyer that lifts the price up 14 handles on volume of 20,000 lots. That's telling me there is no supply. There are no offerings. The buyer is taking everything that offered up to that 14 handle run. The prem and prnq is seeing this and responding. We have a buyer but the COMPOSITE MAN is not ready to start the marketing up campaign.
It's effort vers result. Supply is not being pressed upon the market and the result – the price moves 14 handles. Price drifts back down till 10:25 center time AM LOW. Notice a 10 minute rally up quickly recovers the last 30 minutes loss. Then a slow drift back down for an hour prints a higher low. There is no MID AM turn. Lunch high is taged about 1:10 PM. The mid pm low is higher with the seal at 2:30 PM.
And the LAST HOUR HIGH is printed at you guessed it 3:25 PM center time.
Heard in the chat:
IMPRO: Reverie :(8:14:17 AM) : There is a fine line between strategic ambiguity and incompetent incoherence.
IMPRO: Reverie :(10:14:03 AM) : "It's sucking my will to live!" – Garth.
IMPRO: Dboy :(10:25:29 AM) : I gotta go there. This shit looks like shit…
IMPRO: Wyckoff Trader :(10:30:24 AM) : I'm just saying there appers to be a resting sell order
I think that just about says it!
IMPRO: Reverie :(1:05:52 PM) : The problem is that if you ignore the news, you're uninformed, and if you do follow the news, you're misinformed. Lol
PROSE and THE NUMBAHS
Good morning. Today is SERIES S4L IFFY with the spill up.
1. Last Night: After the close sell pressure started to build then about 3:30 AM price started to wane and give way to pressure.
2. Large Size: About 4K lots was trying to hold a bid at the 77 handle at 8:00 AM. Then another 2K holding at the 72 at 8:30 AM.
3. 7:00 AM / Premarket: Nothing really moving the needle after the numbers
4. Todays News: International Trade in Goods and Services & Jobless Claims & Productivity and Costs at 8:30, Patrick Harker Speaks at 8:45, Wholesale Inventories (Preliminary) at 10:00, EIA Natural Gas Report at 10:30. All times EST
5. Cycle Bias: (Ok I said that the last two days last week. Volume has increased on both days. By that I'm feeling that price will need to test the lows before heading back up. Yes. And now, looks like we are doing just that! Let's see if today turnaround Tuesday or that might be going to take price lower.
Well it was more turn around Tuesday. Let's see what happens after Trumps speech.) Previous two days
Well it drifted down as we suspected and then cought a bid and poped up. Let's see if we still need to test the low volume bar.
6. Honing (turns): Spill up, AM LOW, MID AM HIGH, lunch low, mid pm high, LAST LOW
7. Previous Day's Numbers:
Open 5788.00
Hod 15:10 5869.50
Lod 11:47 5750.75
Settle 5845.25
Volume 1,802,755
8. Floor Trader Pivots
DAILY 5821.75
R2 5940.50
R1 5892.75
S1 5774.00
S2 5703.00
WEEK 5957.58
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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