Issue 1,907 – Copyright, 2024, by Wyckoff AM Trader (New Version)
PREVIOUS-DAY TONE: NEW YORK (Reuters) -A U.S. trade court on Wednesday blocked President Donald Trump's "Liberation Day" tariffs from going into effect, ruling that the president overstepped his authority by imposing across-the-board duties on imports from nations that sell more to the United States than they buy.
[ Good morning. Today is SERIES S4H. I anticipate – What can I say. I am bullish and I can't see a reason not to be. Price has traded the 6,000 in CASH and EMINI. We got the FED minutes and the NVDA earning. And now the blockage of Trumps Tariffs. There is not much wood to chop in the immediate review mirrow. And I know they could reverse that in a heartbeat (and PEONS did). Due to Globex activity at the 6007 strong possibility the Link a Sink might be in play if bulls drop da soap]
Was it a Link a Stink. I don't' think so. Was it a Wedge Zoom? Not really. Was it Normal. No, it was muddy…
Big daddy bull refused. Absolutely refused to help the younger bulls take the market back up yesterday. Sure, he got him some at the lunch low. To the tune of around 55,000 lots. After that, the younger bulls did all the heavy lifting. In fact, he sold on every rally at each chance that he could.
Due to the Globex action the night before the clock was muddy. You could say S4H or S4L. At the first of the hour and high at the end. I'll just call it muddy cause I don't' want to shoot elephants with needles. And the last two newsletters were quite verbose.
PROSE AND THE NUMBAHS
SENTIMENT: Strong Consumer Confidence data, FED minutes where positive NVDA earning are behind us. And Trumps Tariffs are back on track. Sec Hassett says Multiple Trade Deals Imminent, Including Progress with India; Expects Trade Deals Within Next Week Or Two. And now, they say the POTUS is on a mission.
Good morning. Today is SERIES S1H. I'm leaning cautiously bullish but I'm going to double down. They held the floor pivot of 5915 and Globex proved we can get to the big even 6000 with the right catalyst. Supply was not pressing down upon the market. The Composite Man was just checking each rally. After the lunch puke, big ol'e daddy bull got his inventory at wholesale and loaded up his wagon for the coming rally. Then Trumps TACO springs' it again right at S1 5882.25 pivot.
RECOMENDATION: Resistance at 5960, 5977 to 5994, and 6038 with Support at 5926, 5904, and 5870. trade it how you see it. Your levels, TA's and roundies!
1. Tone Last Night: I won't do this every night but:
IMPRO : Wyckoff Trader : (Thr:6:12:08 PM) : they are not going to make this easy tonight
IMPRO : Wyckoff Trader : (Thr:9:06:33 PM) : it got wicked at the end I'm not sure;; no firecracker just a dud…
IMPRO : Wyckoff Trader : (Thr:9:54:37 PM) : secondary test of the lunch selling climax
IMPRO : Wyckoff Trader : (Thr:9:59:22 PM) : automatic rallly would have been close to the close
IMPRO : Wyckoff Trader : (Thr:9:59:52 PM) : pliminary support about 10:30 AM
IMPRO : Wyckoff Trader : (1:37:37 AM) : come on 22
IMPRO : Wyckoff Trader : (1:39:29 AM) : now hold it; hold it hold it
IMPRO : Wyckoff Trader : (1:52:08 AM) : that' not holding it but I understand that 22 handle is a tuff nut to crack!
IMPRO : Wyckoff Trader : (2:33:27 AM) : WOW that's a fractal of last night just after the PEONS opened
IMPRO : Wyckoff Trader : (3:05:10 AM) : PEONS are up; perhaps their is buying afoot
For the most part price held in a tight range from 25 down to 05. Waiting on the next shoe.
2. Large Size: No large size to speak of. Just a Trump tweet that drive to market back down to spring the base of potential accumulation.
3. 7:00 AM / Premarket: After the spring, the market is springing back. Perhaps we will see a test of the spring.
4. News: International Trade in Goods (Advance) & Personal Income and Outlays & Retail Inventories (Advance) & Wholesale Inventories (Advance) at 8:30, Chicago PMI at 9:45, Consumer Sentiment at 10:00. All times EST.
5. Cycle Bias: Nvidia’s strong earnings gave us a major sign of strength with a minor sigh of weakness. AI is not going away. Core PCE inflation and supports a Fed pause on rate hikes. Yesterday was not a whack a mole day. And the street does not want Trump to win. Still, it retails on the bid with eyes on the 6005 and higher.
IMPRO : Wyckoff Trader : (5:25:00 PM) : bulls just can't get a following at these highs; the volume just drops off
6. Honing (turns): Spill odds down, loupe loop, LAST ODDS HIGH.
7. Previous Day's Numbers:
Open 5955.00
Hod 09:31 5956.25
Lod 12:01 5884.00
Settle 5917.75
Volume 1,039,325
8. Floor Trader Pivots
DAILY 5919.25
R2 5991.50
R1 5954.50
S1 5882.25
S2 5847.00
WEEK 5853.75
Range 72
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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