Issue 1,904 – Copyright, 2024, by Wyckoff AM Trader (New Version)
PREVIOUS-DAY TONE: President Donald Trump threatened to impose 50 percent tariffs on imports from the European Union beginning June 1st. Trump claimed in a post on Truth Social that the EU has "been very difficult to deal with" and said trade talks with the bloc are "going nowhere!" In a separate Truth Social, Trump also threatened to impose a 25 percent tariff on Apple (AAPL) iPhones that are not manufactured in the U.S.
Trump dropped a Tweet and price dropped 100 points to wholesale.
[ Good morning. Today is SERIES S2L. 5. Cycle Bias: I'm somewhat redeemed today but bulls dropped the soap at the last 40 minutes of trade. Caught up in the middle with you. Unless the bulls get it in go mode, we face a potential resting spell for lower lows. (YES, THAT HAPPENED OVERNIGHT) Three-day holiday coming up. Waiting on the next shoe. It dropped over night. Globex ran price down to S3 FTP 5761 handle. That's twice the range of the previous day. Three-day weekend up ahead. Is price oversold. Will bigger buyers step up? 5833 down to 5793 to make up. About 40 handles. Let's see what the bulls got. ]
Notice the HOD then made up to the 5833 handle. Bigger buyers stepped up!
Yes, they dropped it around 7:00 AM. Suspicious of the timing:
IMPRO : Wyckoff Trader : (11:22:06 AM) : the bitcoin boys win on the pop and the street boys win on the whole sale; winner, winner, chicken dinner!
14,897 comes in at 7:44 AM to hold the bid.
IMPRO : Wyckoff Trader : (9:26:27 AM) : bulls were on the buy side trading 5862 at 5:00 AM it's amazing what one tweet and an hour can do 5762 (100 points)
IMPRO : Wyckoff Trader : (9:31:50 AM) : recovered the 87 it's a good start
IMPRO : Wyckoff Trader : (9:35:26 AM) : looking for the 13 to get the 23
That's kinda of how it happened. I was trying to keep it real. The R1 was 5836 handle. You had it in your email.
IMPRO : Wyckoff Trader : (9:59:48 AM) : price held the retest of the 87 handle
Spill up sealed 10 minutes 9:40 AM. MID AM LOW at 10:20 AM round center time. There is no MID AM turn. Lunch high at 1:30 PM late and strong. Mid pm 2:20 PM round center time. LAST HOUR HIGH at 3:40 PM. We could argue a weak closing but there was a major shelf of supply to chew.
PROSE AND THE NUMBAHS
Our friend WB passed away on Sunday, May 21, 2017. There is not a day that goes by that I don't think about him.
I wish he could be here to share all this drama we are in. I'd be wearing him out with that AI / Sydney stuff.
https://www.legacy.com/us/obituaries/theledger/name/william-blount-obituary?id=14154193
IMPRO: Wyckoff Trader :(12:22:29 PM) : https://www.youtube.com/watch?v=ofs_GyQXJ9k&t=15s
IMPRO: Wyckoff Trader :(12:22:45 PM) : little SLOG music WB may have posted
IMPRO: Wyckoff Trader :(12:24:56 PM) : I'd perfer to have see a little more effort in the push up but I'll take what the market give me
And of course, 2026/27, 2033, and 2055…
IMPRO : Wyckoff Trader : (7:38:42 PM) : with all the news; with all this AI buzz AAPL can't get a bid this whole week, before the tweet. That that's very concerning since it's the smart phone for the dumb mind of the humans… Perhaps technology is not for the people anymore?
I wrote about this in 2020. Perhaps I should dig it out again?
SENTIMENT ESM2025: Cautiously Optimistic with a sense of Anticipation and Caution
Good morning. Today is SERIES S2L NORMAL. I am cautiously optimistic anticipating bulls to trade through 5836 and possibly the 5888 handle. I understand the bulls could see themselves in a big ole hurt locker if Trump tweets go South or another shoe drops. (I wrote that after Fridays close and well they traded that Monday)
1. Tone Last Night: Globex did what you thought they might do. Recovered all the loss and then some. Price traded back up to the 5/8 retracement. Slightly greater than a normal rally. This show signs of strength.
2. Large Size: Size came in at the lows. No size of note.
3. 7:00 AM / Premarket: Price is trading the 5900 handle. Waiting for direction. After a little shock and awe, price is getting slightly weak and hitting the offer.
4. News: Durable Goods Orders at 8:30, Case-Shiller Home Price Index & FHFA House Price Index at 9:00, Consumer Confidence & Dallas Fed Manufacturing Survey at 10:30, 4-Week Bill Announcement & 8-Week Bill Announcement & 4-Month Bill Announcement at 11:00, 3-Month Bill Auction & 6-Month Bill Auction at 11:30, 6-Week Bill Auction &
2-Yr Note Auction & Money Supply at 1:00. All times EST.
5. Cycle Bias: Ok, we know during Globex price can drop 100 points. I guess it's the new new. We know if trump tweets price can move 100 points via tariff tweet. And we know on balance the market is bullish with increasing open interest of 2.07 M contracts. Bigger size was checking the highs and late Thursday the smack down / "Throw momma from the train" (from the lows) was a very much needed. CASH got to Wholesale and Bit Coin popped. You create your own narrative. I'm writing this on Friday after close. I'll say we'll be back in the trading range (come Tuesday) challenging the 5860 handle. (Yes that happened Monday)
RECOMENDATION
I would need to see price get back to the 5833 handle. Which is not only the lower level of major resistance but that is the lowest value for the weekly pivot. That would get the bulls up just above S1 5836 handle on the daily. From there ideal would target the daily pivot of 5865 handle. Which is the top of the major shelf of resistance from May 12 onward. Maybe exit the rest at the 5888 handle. I wrote that after close Friday. And well that's what Gobex did over the weekend. So let's see what the bulls got at these highs. (Today price is trading above that shelf of supply)
6. Honing (turns): Spill up, AM LOW, (NO MID AM), lunch high, mid pm low, LAST HIGH.
7. Previous Day's Numbers:
Open 5784.00
Hod 14:18 5843.75
Lod 09:31 5780.50
Settle 5811.75
Volume 1,112,859
8. Floor Trader Pivots
DAILY 5865.50
R2 5917.75
R1 5888.00
S1 5836.00
S2 5813.25
S3 5761.08
WEEK 5883.00
Range 52
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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