Issue 1,882 – Copyright, 2024, by Wyckoff AM Trader
Happy Independence Day! (third 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…
Looks like Cramer got the pay off. He's doggign the POTUS… That tells me CHINA is goign to give in! I'll say it again. He's KNIFES OUT on the POTUS. You can almost see the strings in the background. Playing like he's a friend to the common working man.
DAILY:
So after the CASH close price gaps up. Imagine that? Composite Man on the bid all day.
IMPRO: Wyckoff Trader :(6:07:48 PM) : so there was no offers 60 handles up?
They say they were following CASH but I dont' know. There are many inside jobs that are being exposed. We've become so accustomed to ALGO'S we don't even mind their presence. The models on the clothing fashion site and now almost all AI paint jobs. No life. No light in their eyes. Soon the humans will resonate.
So we gap up and now we tag the 20 day MA. I said yesterday we'd recover the 5300 handle and we did!
Yesterday: Bulls did make a stand and drew a line. I'll keep my eye on that line. Call it 5300 handle. Ok they are 100 points under water. Let's see what they can do today.
YESTERDAY INTRADAY
[ Good morning. Today is SERIES S3L. I would anticipate – perhaps a little recover. Give the bulls an opportunity to give it a go.
1. Last Night: After the close price started to lift offers and was trading 5200 my midnight. And now, of course it did. Price has traded nearly the range of the CASH secession over Globex. 2. Large Size: No large size to speak of. 3. 7:00 AM / Premarket: Trading off the 5218 handle. Trying to lift the offer.
Bulls did make a stand and drew a line. I'll keep my eye on that line. Call it 5300 handle. Ok they are 100 points under water. Let's see what they can do today. ]
YESTERDAY RECAP:
Price opened and by 15 minutes had already tagged the high. By 10:00 AM it was pretty clear the path of least resistance was to the up side. I missed that train. So I waited. The AM LOW call it 10:30 AM center but it's was going higher. The MID AM HIGH just off center time 11:20 AM.
I got short at 11:20 AM at 5298 handle. My canary in the coal mine was AMZN
IMPRO: Wyckoff Trader :(11:41:50 AM) : AMZN / AAPL getting weak
You can see TRANS rolling over. The NQ. AAPL.
IMPRO: Wyckoff Trader :(11:58:37 AM) : are we going to grind up or drift down?
IMPRO: Wyckoff Trader :(11:58:55 AM) : more of a grind!
I was happy ready and set up for that lunch low.
IMPRO: Wyckoff Trader :(11:59:42 AM) : 11K sucker punch
IMPRO: Wyckoff Trader :(12:14:42 PM) : grind babby grind
12 handles, 15 handles, 16 handles, total 33,000 lots. Yea that about said it all. I quickly reversed That sealed the lunch low at 12:00 PM. It's all news driven traders were saying to themselves. Price trades up into R2 5325 handle. At 12:30 PM you can see a high. You can see the effort checking the highs at 12:30 PM in AAPL, META, and my canary AMZN. Quickly got short and ride it back down to 2:00 PM. An hour too early. Held on till 2:30 PM mid pm seal and then rode it back up.
Till 3:00 PM for the LAST HOUR HIGH. I forgot the rally had been going for an hour. I felt the close was going to be strong. So I added long. Forgot about the clock and forgot about the time.
IMPRO: Wyckoff Trader :(2:56:56 PM) : bulls need to recover the 20 handle
When I realized they were testing the 20 handle again, I saw the hour rally and high. Quickly reversed back short. Rode it back down to 3:30 PM a started to get a bit unfocused. Not wanting to lose the profit I had I went flat. Sure. Locked in the profit then price rallies back up. I just watched it looking at my profit whist practicing mindfulness.
PROSE AND THE NUMBAHS
Good morning. Today is SERIES S4H. I would anticipate – perhaps a little recover. Give the bulls an opportunity to give it a go. I'm doubling down.
1. Last Night: After the close price gaps up and trades 5424 handle. And now price is a 5448 handle.
2. Large Size: Full on bull parade with some larger size stepping up to the plate.
3. 7:00 AM / Premarket: Nothing really moving the needle. PEONS just over thier skies.
4. News: PMI Composite Flash at 9:45, New Home Sales & Atlanta Fed Business Inflation Expectations at 10:00, EIA Petroleum Status Report at 10:30, Beige Book at & Treasury Buyback Results at 2:00, Alberto Musalem Speaks at 2:35. All times EST.
5. Cycle Bias: Bulls are on parade. Let's see how they sine.
6. Honing (turns): Spill down, AM HIGH, MID AM LOW, lunch high, mid pm low, LAST HIGH.
7. Previous Day's Numbers:
Open 5245.50
Hod 12:29 5339.25
Lod 09:31 5236.00
Settle 5314.25
Volume 1,287,961
8. Floor Trader Pivots
DAILY 5296.50
R2 5399.75
R1 5357.00
S1 5253.75
S2 5193.25
WEEK 5358.00
Range 103
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: May 12 Flower Moon 12:56 p.m. Summer Solstice (Equinox) June 20 1:41 p.m. (all times Est)
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