The Wyckoff Wave Back In The Middle Of The Range

The Wyckoff Wave ended the week lower as called for.  Volume was at low levels as well.
The O-P was down slightly for the week.
The Force Index was also down.
The Technometer is still slightly below neutral.

 

The Wyckoff Wave and OP are moving in lockstep.

 
The Wyckoff Wave traded back deeper into the trading range as called for.
We had expected continued weakness last week due to the neutral Technometer.  At Wednesday’s/Thursday’s low the Technometer did register oversold and gave us a nice bounce to end the week.   The Technometer ended the week still between oversold/neutral.
We will look for the Wyckoff Wave to trade sideways this week and continue trading range type action.  We will monitor closely for next opportunity.

 
The Wyckoff Wave Growth Index (WWG) ended the week with almost no net change.  It also had a nice rally to end the week.
This market could have had  a “spring” of its recnet sideways support level around the 3,800 level.  But volume did not follow us up on Friday so even this is suspect.  We would expect more sideways type action and then on the lookout for an overbought Technometer for a possible short sell opportunity.
You can observe the OP continues to hit new highs while price is hitting new lows….

 
The SPY continued lower as well last week as we expected with the bearish action of its Technometer we warned about last week.
Volume was not high the last two days, and looks more like a short covering bounce that will peter out….

 
The bond market traded higher for the week, with the expected negative correlation with stocks.   Stocks lower/bonds higher.
TLT did not give us the buy setup we was looking for so we missed the recent rally.
With the Technometer nearing overbought this market will once again probably need to take a breather.
 

 
The GDX ended last week with a small rally to correct the recent sharp decline.
The Technometer did get oversold on Monday, but we felt this market could break the $26.50 level.
The Technometer is still oversold so lets monitor the price action, and see if we can continue lower in the days ahead.

 
The long dollar ETF, UUP traded lower for the week.  Starting to sound like a broken record, but we once again had price action that looks like an upthrust.  We also have an overbought Technometer so possibly we are working on a test of that upthrust and then can see lower prices ahead….

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 recently started a Discord channel where we discuss the Crypto markets.  We have had huge success and if you trade Bitcoin you might like monthy 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 960 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