The Wyckoff Wave Back Testing The Bottom Of The Range

The Wyckoff Wave was down for the week once again.  Volume was at levels from previous weeks.
The O-P was down slightly for the week.
The Force Index was up slightly for the week.

The Technometer is now neutral.

The OP  and Wave are trading in lockstep.   A new low in the OP late Friday was not confirmed by the Wave.

 
The Wyckoff Wave traded lower for the week, after trying to rally from Monday’s selloff.
We had stated that we thought we would test the 47,000 level, which we did Monday/Wednesday.   Then rallied off of that level to end the week.
With the Technometer now being neutral, we need to see last weeks low tested, and then further rally away from the 47,000 support line.  If this level gives away, we should see selling enter the market.

 
The Wyckoff Wave Growth Index (WWG) also traded slightly lower for the week.  We had a neutral Technometer last week, and expected support to come in.  Support somewhat held, but now we have an overbought Technometer which puts us in a difficult situation.  If we cannot rally here, we run the risk of falling back into the recent trading range.  With the overbought Technometer, we would expect some selling to try to drive us thru last weeks lows.  If we can test those levels and not break them, then we could try the upside again.  If we do not hold last weeks lows, then aggressive selling could come in.
 
For our ProTraders we managed to catch the majority of the recent stock market selloff as marked on the SPY chart by the blue markers.  We gave a “cover short” signal during Wednesdays sharp selloff.  We will look to reenter shorts in this market at our first opportunity.

 
The bond market traded sharply higher for the week once again.
We took off our recent long positions on Wednesdays strong rally, and booked large profits for our ProTraders once again.
We would expect a correction here, and then we will reevaluate.

 
We also took off our long GDX/GDXJ positions on Wednesdays strong rally.   We will monitor this market as well, for a possible reentry on the long side.  The metals have been a strong performer for our ProTraders as well, and we look to continue to successfully trade this market.

 
The long dollar ETF, UUP traded slightly lower for the week.  .  We must stand aside until price action warrants a position.

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