Wyckoff Wave Tested The Previous Week’s Low, And Appears Ready To Move Higher Once Again.

The Wyckoff Wave finished the week slightly lower, and tested the previous weeks low, on lower volume.

We liked last weeks action, as we appeared to be testing the previous week’s low on low volume.  Let’s now see if we can return to upside progress.

The Technometer is neutral at 44.9.  

 

Early in the week the OP touched a new low while price held, this would be considered bullish.  Then price went to a new low and the OP did not.  This is a double divergence that is spoke about in the Unleased Course.  

 

WWN – The Wyckoff Wave New Index also traded slightly lower for the week, testing its previous low, on lower volume.  

Same as the Wyckoff Wave, it appears we can try the upside again this week.   

Currently the Technometer is near neutral at 43.8. 

 

The Wyckoff Wave Growth Index up nicely for the week, on average volume.

The growth stocks have outperformed here, and we are also overbought, but that would to be expected with the consistent strength.  Let’s look for it to reach still higher, after a possible slight consolidation.

Currently the Techometer is overbought at 53.  

 

The SPY was down slightly for the week, on lower volume.

Last week could have been a test of the “spring” that we had a buy on.  Let’s look for the SPY to try the upside again.

*If the low at 403.75 is taken out, we would take that as extremely bearish price action.  

The Technometer is neutral at 43.8.

 

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The bond market as shown by the TLT, traded lower last week, on lower volume.

We was looking for lower prices last week, and it appears we could have more in the coming week.  

The Technometer is near overbought at 47.4.

 

The Wyckoff Wave Metal Index was down sharply for the week, on low volume. 

We spoke of the negative divergence and overbought Technometer last week, should give us lower prices.   It did just that.

Now the Technometer has returned quickly to oversold.  We have now had an a-b-c decline off the highs, so lets be on the lookout for a low here in the metals markets.    

The Technometer is oversold at 38.0.

 

The long dollar ETF, UUP rallied strongly last week, on low volume.

We mentioned the buy divergence in the OP/Price, and the oversold Technometer should lead to higher prices last week.  It did just thata.

We now our quickly back to an overbought Technometer, so somewhere up here will be looking for the UUP to rollover and continue the downtrend of the last 8 months..

The Technometer is extreme overbought at 60.8.

 

Bitcoin was down sharply for the week.     

We was friendly Bitcoin last week and took small losses on long positions as it did not act right. 

We are still looking for a reentry as we think Bitcoin will continue higher with stocks. 

Technometer is nearing oversold at 39.7.

 

Ethereum was also down last week and made us take small losses. 

Same as Bitcoin, we are looking to buy back ETH in the coming days.   

Technometer is nearing oversold at 39.25.

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IMPORTANT ANNOUNCEMENTS: 

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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