The Wyckoff Wave Continued Its Recovery As Expected

The Wyckoff Wave continued its rebound off of recent oversold levels.  Volume was lower for the holiday period.
The O-P was up slightly for the week.
The Force Index rallied for the week as well.

The Technometer is still trading above neutral, but not overbought.

The OP showed some slight outperformance to the upside this past week, but nothing to warrant any trades.

 
We was expecting further strength this past week, and that possibly leading to the Technometer registering an overbought condition.  We had extreme volatility this week off of Apple’s earnings, and Fed Powell comments Friday.   All in all, we ended the week slightly higher and the Technometer still just slightly above neutral.  We therefore still expect prices to try and work higher early next week.
We do have a supply line of the downtrend providing resistance at 50,000, so we will watch this level in the coming week.
 
For our ProTraders we purchased Boeing (BA), Union Pacific (UNP), and Square (SQ) at the day of the last low.  We had raised our stop loss to lock in profits Wednesday, and got taken out on Apple’s earnings selloff Thursday.
If you are still long any stocks off our recent buy, we would continue to hold and look to take short term profits on any further rally early in the week.

 
The Wyckoff Wave Growth Index (WWG), rallied as well with the Wyckoff Wave.  We now expect this market to rally up to the dashed blue supply line of the recent downtrend, and then possibly experience a correction.

 
The bond market traded higher for the week as well.
The Technometer is now extremely overbought and Friday’s action could be an upthrust.  Volume was lower so we will need to see volume come in to the downside now that we have the holidays behind us.  A test of an upthrust could be an excellent opportunity to return to shorts in this market.

 
The following chart of Boeing (BA), shows the continued rally we was expecting last week.  We thought BA could take a rest and it has traded somewhat sideways, with the Technometer backing off from overbought slightly.

 
The software has been very successful with trades for Square (SQ).  On Friday, the Technometer registered overbought as marked by the red arrow.  An overbought condition is not a sell signal in itself, but an indication that we could consolidate gains, or rest.  But the Technometer has been a very good indicator, so watch carefully as this stock could warrant a take profit early in the week, and look for a reaction.

 
Union Pacific (UNP) traded basically sideways for the week, and the Technometer has came off of overbought.

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.
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 947 students enroll since its launch on June 22, 2017.   On June 28th 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 Crptocurrency, search “Learn Crypto / Wyckoff SMI” or click this link https://www.youtube.com/channel/UCDxK2PwEDvoaHZgjPV_WgcA
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Good Trading,

Todd Butterfield