The Wyckoff Wave At Support

The Wyckoff Wave was down sharply for the week, before recovering most of the losses.  Volume was higher especially coming off the lows Thursday/Friday.
The O-P was down slightly for the week.
The Force Index was also down slightly for the week.

The Technometer is still trading at neutral.


The OP  and Wave are trading in lockstep.

The Wyckoff Wave traded lower for the week as expected.   We had thought we would once again test the lows of the trading range.
The lows gave away, but we had nice rally late in the week on increased volume to keep the bulls hopes alive.
This could be the spring we have been waiting on to propel us to higher levels.
We have a neutral Technometer, so the best action would be to see further strong rally on good volume.  If this can happen we would then look to buy the test of the spring.

The Wyckoff Wave Growth Index (WWG) once again traded slightly lower for the week.  We had mentioned that our overbought Technometer would lead to selling last week, which we experienced.
But Thursday we were close to an oversold Technometer, which then gave us an opportunity to rally.   For the bullish case, we would like to see a strong rally here on increased volume.  If that is not the case, then support at 3,800 could give away, and lead to strong selling.

The SPY did not rally early in the week which we wanted to establish another short position.  Instead we had continued selling pressure.
Here as well we got close to an oversold Technometer Thursday, so we would expect continued rally attempts until the Technometer gets closer to an overbought reading.  Then we might want to try the short side again.

The bond market traded sharply higher for the week once again.
We was expecting a pullback, and still are expecting that from these levels.
Let’s watch from the sidelines…..

We are looking for another reentry to the long side of the metals markets.  You can see the Technometer is back to an oversold reading, so we will watch closely this week to buy once again.

The long dollar ETF, UUP traded sharply higher last week.  We are major overbought and looks like we tested what could be an upthrust.  We look for lower prices.

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.
Due to the demand for Bitcoin/Cryptocurrency information and trading knowledge, we released a Cryptocurrency and Wyckoff Trading Course at our site,   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
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Good Trading,

Todd Butterfield

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