Issue 1,873 – Copyright, 2024, by Wyckoff AM Trader
Happy independence day! (week after)
DAILY:
Price is holding the close of the past two days. Volume has increased on these past two day. That's the start for a hand hold for the bulls.
YESTERDAY INTRADAY
[ Good morning. Today is SERIES S1L. I would anticipate – After a hard showing by the bulls it may be the bears turn and play. 5. Cycle Bias: I'm still leaning bullish, but this day is probabilities let's give the bears a turn. 6. Honing (turns): Spill odds up, loupe loop, LAST ODDS LOW. ]
Now not every S1 day is a good read but this day was!!!
The market played out as you might expected. The bulls just had to test that spike high. And you know what was up there? That supply came a tumbling in about 10:30 AM.
This day is odds and probabilities, so we really have to wait till the end of the day. It did not disappoint that is if you were S1L all day.
I'll repeat this again if you did not get it the first time:
Perhaps I don't drink the Kool-Aide or from another perspective I've drunk the Kool-Aide. Trump is mealy turning off the gravity. Waiting to see where it resettles. This game is older than time itself. First you have to get the shares from the weak hands to the strong hands. Second, you have to test the low for lower volume. Third you start marking the market back up.
Once the public gets in the fray with their 401K's and the Pain is over. Then there needs to be some puking going on. Run those stops. Rinse and repeat.
You can see where the shorts closed out the last 5 to 10 minutes of the day.
PROSE AND THE NUMBAHS
Good morning. Today is SERIES S2H. I would anticipate – After a hard showing by the bulls it may be the bears turn and play.
1. Last Night: After dipping a bit lower, price gets a bid and start to rally. About a 1/3 is recovered from yesterday's rut. Supply comes back in and currently trading just above the lows.
2. Large Size: No large size of note
3. 7:00 AM / Premarket: Nothing really moving the needle. Traders may be waiting on the FED minutes release. Normally it's a non event. Today, perhaps not so.
4. News: Wholesale Inventories (Preliminary) at 10:00, EIA Petroleum Status Report at 10:30, FOMC Minutes at 2:00. All times EST
5. Cycle Bias: I'm still leaning bullish, but this day is probabilities let's give the bears a turn. (I'll double down today)
6. Honing (turns): Spill down, AM HIGH, (NO MID AM), lunch low, mid pm high, LAST LOW.
7. Previous Day's Numbers:
Open 5126.00
Hod 5305.00
Lod 4940.00
Settle 5012.00
Volume 1,531,200
8. Floor Trader Pivots
DAILY 5085.67
R2 5450.67
R1 5231.33
S1 4866.33
S2 4720.67
WEEK 5684.50
Range 365
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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