Issue 1,896 – Copyright, 2024, by Wyckoff AM Trader
I'd like to tell you I know where price is going. I'd like to tell you price is too high and overbought so start to look for a pull back. I'm sure there are some pundits would say that. I'm remember back when I was a broker. Not that I would but I knew some who did and perhaps I did it too…
You recommend two stocks. You call two different groups of people. You get each group to buy their recommended stock. You wait. You wait till one stock is in the RED which you never call those folks again. And the other GREEN. I call them up and tell them what genius market timer you are. And they buy more…
So yea, I'm thinking price is still going up. It will go up until it does not go up any more…
IMPRO: Wyckoff Trader :(3:25:47 PM) : monthly R1 is 5926 that a good run for the month
IMPRO: Wyckoff Trader :(3:26:03 PM) : daily R2 was 5919 handle
Take that for what it's worth!
DAILY:
Day two higher highs and higher lows closing in the top range. Looks like they are buying. Now price is poking in the bottom of the December lows. Recovered 78% of February loss. Chances are, it'll get it all.
YESTERDAY INTRADAY
[ Good morning. Today is SERIES S4H. ]
Here's the fun part:
IMPRO: Wyckoff Trader :(4:09:21 PM) : for now price is holding just around MID AM LOW
IMPRO: Wyckoff Trader :(4:09:54 PM) : but did the last 20 minutes invert the cycle?
Did we get an inversion? The last 20 minutes did push price close to the MID AM LOW. And price tried to violate those lows. If the inversion holds then that would flip the cycle to the other side. If (however) price recovers during GLOBEX or first part of today then that's a double inversion and price stays on the bulls' ways.
YESTERDAY RECAP:
I can tell you they were buying out of concern price would not be at those lows Monday in the LAST HOUR. I cannot tell you what they were doing the LAST HOUR Tuesday. Cause, they were not doing anything. The bulls were unable to gain a following at those levels. Some size started to come in at the 3:30/:40 marker.
After that, Algos took over.
The clock gave you a good read. AM HIGH at 10:20 AM just around center time. This could have set the high for the day. And if you walked away exiting your long from the spill down, you had a good day. The spill down was sealed at the open. The MID AM LOW is early and weak at 11:10 AM. With the lunch high at straight up center time 1:30 PM.
There is no shortening of the upward thrusts. This high prints a new high of the day that is the same or a little bit more thrust than before.
The mid pm low is just slightly past center time around 2:40 PM. They may be giving you a hint that the LAST HOUR HIGH may not be so high. And it wasn't. About the same as the lunch high. So, perhaps the last 20 minutes was not unexpected as you first thought. Some folks perhaps insiders wanted out. And got out!
PROSE AND THE NUMBAHS
Good morning. Today is SERIES S1H.
1. Last Night: Price was able to recover most if not all of the loss from the CASH close. Now it's up to the open CASH to accept or reject. Potential for double inversion if CASH goes bid. This negation would put us back on track for higher highs and higher lows.
2. Large Size: No real large size came in to save the day.
3. 7:00 AM / Premarket: Nothing really moving the needle. Price is just holding on to the LAST HOUR HIGH. Trying to absorb supply.
4. News: Philip Jefferson Speaks at 9:10, EIA Petroleum Status Report at 10:30, Treasury Buyback Announcement (Preliminary) at 11:00, 4-Month Bill Auction at 11:30. All times EST.
5. Cycle Bias: Longer term bulls have to wake up. They don't have to but probably best to. Still a lot of wood to chop but there is a lot of open sky. Perhaps all the market shaking moving news is behind up for this month. Some earning left. Bulls will need to hold what they got till the next shoe.
6. Honing (turns): Spill odds down, loupie loop, LAST ODDS HIGH.
7. Previous Day's Numbers:
Open 5869.75
Hod 13:33 5927.00
Lod 09:32 5863.50
Settle 5903.00
Volume 1,055,980
8. Floor Trader Pivots
DAILY 5897.83
R2 5961.33
R1 5932.17
S1 5868.67
S2 5834.33
WEEK 5733.00
Range 63
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: June 11 Strawberry Moon 3:44 a.m. Summer Solstice (Equinox) June 20 1:41 p.m. (all times Est)
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