The Wyckoff Wave did extend its recent rally as expected this past week. Volume continues to be in the summer doldrums and trading at reduced levels.
The O-P continues to underperform on the upside. We have low volume levels, and no buy volume to help the rallies.
The Force Index rallied slightly for the week which has allowed the Wave to try and continue higher.
The Technometer closed the week slightly above neutral.
The intraday chart for last week shows slight under performance of the OP versus the Wyckoff Wave (WW). The OP needs to expand to the upside with good volume to keep this rally alive…
The one year daily chart shows the Wyckoff Wave trading in an uptrend on an intermediate term basis, and near the previous purple support line of the recent trading range. With the Technometer slightly above neutral we could at least see the rally continue into the early part of this week. We need to see volume to come in and support the rally. If the 50,500 level was a test of the previous spring down to 49,000 then this rally should be able to continue with wider spread and volume. If it does not, then any long positions could be in trouble, and we would not want to see the support at 50,500 to then give away.
The Wyckoff Wave three year chart shows us still trading in an uptrend as shown by the dashed blue uptrend, but at the overbought trend line.
The Wyckoff Wave Growth Index (WWG) also spent the week trading higher as well and touching all time highs. Its Technometer reading is also neutral so will allow further rally attempts.
The bond market once again traded sideways for the week. Its Technometer has went from extreme overbought to ovesold, while the TLT has traded sideways. We had been looking for a selloff here, but this recent action would allow another rally attempt this week.
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 going to test reliability next few weeks, and then preparing to offer it to subscribers.
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 937 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.
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