The Wyckoff Wave Volatility Continues At The Top Of The Range

The Wyckoff Wave closed up sharply for the week.  Volume was at average levels.
The O-P was actually down for the week.
The Force Index was up slightly.
The Technometer is now slightly below neutral.

 

The OP is trading weaker than the Wyckoff Wave.

 
The Wyckoff Wave had a sharp rally this last week.  We adjusted the longer term trading range support/resistance lines to now better contain the action.
We had expected further weakness back into the middle of the trading range last week.  Instead we experienced a sharp rally back to the resistance.
The Technometer has been giving us no recent help for us to better understand the recent action.
We still expect resistance to hold, and a return to correction mode.

 
The Wyckoff Wave Growth Index (WWG) traded higher for the week once again.
With a near overbought Technometer, I would still expect this market to work sideways or lower from here.

 
The SPY finished the week sharply higher.  We had expected further correction and was surprised to the quick return to new highs.
The Technometer is headed towards overbought, so we expect sideways to lower prices here as well.
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The bond market was down slightly for the week.
Our Technometer is neutral.  We took the selloff into Wednesday, as an opportunity to establish long positions for our ProTraders.  We will monitor this position closely but would expect a new high here above $146.

 
The GDX finished the week lower as expected.
We have a very oversold Technometer, so we might be looking for a “Spring” this week, to establish a long position.  We will monitor this market closely next few days.

 
The long dollar ETF, UUP was up sharply for the week.
We also moved the resistance line up, as before we had shown the dotted resistance line.  We are now back to resistance and an extreme overbought Technometer.  We also have higher high in prices, while the OP is lagging considerably.
We might see an Upthrust here and a return to the trading range.

 
IMPORTANT ANNOUNCEMENT:  Our “Pulse of The Market” charting software for Cryptocurrrencies is now working.  This software has consolidated volume for the Crypto’s which is utmost important when applying Wyckoff Technical Analysis.   We are showing this software in use on our social media sites. 
We have an active Discord channel where we discuss the Crypto markets.  We have had huge success and if you trade Bitcoin you might like monthly access at $40 a month.  https://www.patreon.com/LearnCrypto
Due to the demand for Bitcoin/Cryptocurrency information and trading knowledge, we released a Cryptocurrency and Wyckoff Trading Course at our site, LearnCrypto.io   This course is being offered at an affordable $299.99.  We have had 1005 students enroll since its launch on June 22, 2017.   On June 28th, 2018 we added lessons detailing the OP, Force, and Technometer and how to use these Wyckoff Tools for analysis.
If you are interested in Wyckoff stock chart analysis as well as Cryptocurrency, search “Learn Crypto / Wyckoff SMI” or click this link https://www.youtube.com/channel/UCDxK2PwEDvoaHZgjPV_WgcA
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Good Trading,

Todd Butterfield