Issue 1,897 – 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:
Are we at the highs or is supply slowly creeping in. Yesterday was more a day of supply creeping in. Bull held their bid and then let it slip back. Yesterday's range is alarming that the bulls may be resting so the bears are giving it a go.
YESTERDAY INTRADAY
[ Good morning. Today is SERIES S1H. 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. ]
Imagine humanity went from rubbing two sticks together to this:
Ok, wait it S1L? Best way to tell is see if we get the KEWPIE DOLL today.
Yesterday was either distribution or re-accmulation. Had to tell. GLOBEX is droping price on little to no volume and CASH is weak but letting price just drift.
IMPRO: Wyckoff Trader :(10:01:32 AM) : Composite Man letting price drift down
IMPRO: Wyckoff Trader :(12:14:54 PM) : GOOG only horse that's broken free
IMPRO: Wyckoff Trader :(2:45:25 PM) : They are buying at the 05, 06 and even. For now, price is being held at the daily pivot inspite of a strong offer down
IMPRO: Wyckoff Trader :(2:59:39 PM) : price has held the near unsettled, floor pivot and the half way retracement. Composite Man just letting it drift…
Perhaps they were selling at those highs and supporting price at the bottoms. The dips brought out volume but the bulls just could not do the deal and take price higher than the shelfs of supply would allow. For now, I'm going with the bullish side. Price put in an unfiar high and put in an unfair low and closed somewhere in the middle.
It does not look good for the bulls. The bears could quickly steal thier thumder. Waiting on the next shoe.
PROSE AND THE NUMBAHS
Good morning. Today is SERIES S2L IFFY.
1. Last Night: Now the rubber is meeting the road. Price has drifted down to the halfway retracement on little to no volume overnight.
2. Large Size: No large size to speak of.
3. 7:00 AM / Premarket: After the numbers price is trying to make a come back . Now trading in the lower 90's what once was support.
4. News: Jobless Claims & PPI-Final Demand & Retail Sales & Philadelphia Fed Manufacturing Index & Empire State Manufacturing Index at 8:30, Jerome Powell Speaks at 8:40, Industrial Production at 9:15, Business Inventories & Housing Market Index at 10:00, EIA Natural Gas Report at 10:30. All times EST.
5. Cycle Bias: Bulls will need to hold what they got till the next shoe. That is debatable if they did that yesterday. Let's see what they have today.
6. Honing (turns): Spill up, AM LOW, (NO MID AM), lunch high, mid pm low, LAST HIGH.
7. Previous Day's Numbers:
Open 5913.25
Hod 09:37 5925.00
Lod 13:24 5890.00
Settle 5910.25
Volume 957,633
8. Floor Trader Pivots
DAILY 5908.25
R2 5943.25
R1 5926.75
S1 5891.75
S2 5873.25
WEEK 5733.00
Range 35
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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