Issue 1,877 – Copyright, 2024, by Wyckoff AM Trader
Happy Independence Day! (second week after)
I've seen enough pundits try to put their spill on this. I get it. Drive factories back to America. My question might be what drove them away? Oh, I know that answer but does Elon? I don't think skill is a problem, but I do think will – might pose a big challenge. And that goes down the rabbit hole…
DAILY:
Price tried to challenge the Wednesday and Thursday highs from last week and failed. After the probe price retreats back and closes slightly off center. This is not indicating a strength on either side. Looks like we might have a little pullback.
YESTERDAY INTRADAY
[ Good morning. Today is SERIES S3L Normal. I would anticipate – After a hard showing by the bulls it may be the bears turn and play. I'll double down again today. After Friday's weak close, I'll make it a triple double down. ]
I'll go with that. Not perfect but close. More of a hook of the AM LOW. MID AM HIGH it's more iffy. The clock is just off ahead of itself. Lunch low at 12:15 early and weak. Mid pm high at 2:45 PM late and strong. With the LAST HOUR LOW at 3:55 PM.
I love it when traders upload their charts in chat. I don't' understand them but they sure do look pretty. I only know my charts. Of course, that is the one I designed and wrote in java. It's strange, I just can't get a feel with any other charts. I guess that's why I got the edge. We all need an edge else why are we doing this?
Some day's WB's charts are SPOT on and some days' they are not. Monday is always challenging with a gap up. GLOBEX can really jam things up. PEON'S get over their skies. Looked like the traders were selling at the open. Volume was low. Hard to get a good read. They sold the market down to the gap then put in a weak rally.
I'm not bearish but I do think price is going to pull back.
PROSE AND THE NUMBAHS
Good morning. Today is SERIES S4L. I would anticipate – Price may try to challenge the high as an upthrust. Not sure what GLOBEX has in mind. I dont' think Trump can say anything or do anything that move the needle but anything is possible.
1. Last Night: Price has drifted down to probe near Monday's low and held. Rallied up to the highs and then fell back into the middle. No lean either way.
2. Large Size: Neither bulls nor bears steped up to the plate.
3. 7:00 AM / Premarket: After testing near the Globex low price trade up in a 13 handle range.
4. News: Empire State Manufacturing Index & Import and Export Prices at 8:30. All times EST.
5. Cycle Bias: I'm still leaning bullish, perhaps a little bit more downside action. Let me explain, Wyckoff often talked about a major sign of strength with a minor sign of weakness. The is the part of the sign of weakness. I can't improve upon this. Maybe some pullback today.
6. Honing (turns): Spill up, AM LOW, MID AM HIGH, lunch low, mid pm high, LAST LOW.
7. Previous Day's Numbers:
Open 5452.00
Hod 5497.00
Lod 5391.00
Settle 5432.00
Volume 1,250,000
8. Floor Trader Pivots
DAILY 5440.00
R2 5546.00
R1 5489.00
S1 5383.00
S2 5334.00
WEEK 5251.00
Range 106
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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