Will Last Week’s Lows In The Wyckoff Wave Hold?

The Wyckoff Wave closed higher for the week, on average volume. 

We were looking for a tradeable low early in the week, and that happened first thing Monday at the opening.  We then had good follow thru Tuesday, then spent the rest of the week correcting back down to test the low.  

Once last week’s put option expiration was out of the way, we had one of the biggest two day rallies in history.   This low now needs to hold if we are going to try and continue the rally this coming week.  Let’s look for higher.

The Technometer is near neutral at 43.1.  

The OP made new lows for the recent downtrend, while price is hopefully testing last weeks low.   This is a bullish divergence and gives us more confidence that we will in fact test the low and turn higher once again. 

WWN – The Wyckoff Wave New Index also closed higher, on average low volume.   

Our Technometer was oversold at last Friday’s low, which gave us the snap back rally early in the week.  We are now slightly above neutral, which still allows us to turn higher after testing last weeks low.  

Currently the Technometer is near neutral at 45.0. 

The Wyckoff Wave Growth Index was down last week due to the weak price action in Tesla (TSLA).  Volume was slightly higher on the selloff.

We were expecting this index to turn higher last week as well, which did not happen.  We will look closer at TSLA, to see if we can turn higher this week as well on this index. 

Currently the Techometer is neutral at 44.6.  

The SPY was up last week as well, on slightly lower volume. 

We did get near oversold on Tuesday for our SPY Technometer.  We are now at 45 which is not impressive considering the sharp selloff on Friday.   We will still look for a successful test here of last week’s low, but if that low gives away we will see more selling hit the SPY. 

The Technometer is neutral at 45.0.  

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The bond market continues the selling of the last few months with new lows for the move, on lower volume.

We are still standing aside… 

Technometer is near overbought at 47.2.

The Wyckoff Wave Metal Index was also higher early in the week, and spent the rest of the week correcting those gains on average volume.  We expect some sideways price action here, before trying the resistance at 2400.

The Technometer is neutral/overbought at 45.8.

The long dollar ETF, UUP was up slightly, on average volume.

We were down sharply on Monday/Tuesday, then spent the rest of the week correcting the decline.  We still believe the Dollar is making a top up here.  

The Technometer is near neutral with a reading of 42.1.

Bitcoin traded higher early in the week, then spent the rest of the week correcting the majority of those gains, on average low volume. 

We never got a solid oversold Technometer reading here, as the selling has not been strong.   We are still trading near neutral so not much help from this indicator.

We still look for higher in the coming week, as our Bitcoin Bitfinex Technometer is oversold, and that normally gives us at a bounce at a minimum.   

Our Technometer for Bitcoin is neutral at 42.9. 

IMPORTANT ANNOUNCEMENTS: 

We launched our WyckoffSMIChina.com site late March, for our China community.  Check it out!

We have just released a lower cost version of our Unleashed Course, which is an excellent value at $349.99.  

Click Here Our new “Pulse of The Market” charting software for Cryptocurrrencies is now showing consolidated volume from over 140+ exchanges.  This is utmost important when applying Wyckoff Technical Analysis.   We are showing this software in use on our social media sites, and will be launching for subscription in near future. 

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. Join Here

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 1029 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 Please subscribe and click the bell to be notified of our upcoming broadcasts.

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Good Trading,

Todd Butterfield