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The Wyckoff Wave closed lower for the week as called for. Volume was average.
The O-P was lower for the week.
The Force Index was also lower for the week.
The Technometer is registering an oversold condition.
The Wave and OP are trading in lockstep.
The Wyckoff Wave continues to fall back to trading range support at the 50,000 level. This is what we have been expecting the last few weeks.
The Technometer has returned to oversold so we expect some further selloff early in the week, but not major losses.
The rally off the 44,000 level in the first quarter was very impressive and keeps this long bull market alive. We have been expecting sideways type trading range action, then ending action at some point for further long term gains.
The Wyckoff Wave Growth Index (WWG) was up for the week but experienced heavy selling on Friday. We expect further weakness here.
The bond market Technometer became oversold as marked in the red circle as we said to lookout for. We then quickly returned to strong rally mode the rest of the week. This trade has been a perfect Wyckoff method trade. We hope all of you was on this one!
Stay long, trail stops, and look for higher prices.
The GDX was also up for the week as we have called for. We expect further strength in the metals markets. Stay long and look for higher prices.
Square (SQ) traded slightly lower for the week as expected. We hope for another buying opportunity in the very near future.
Caterpillar has been looking very sloppy and broke down this week as expected.
Shopify was acting heavy early in the week so we recommended to our ProTraders to sell our long position at $204.50. The Technometer is oversold so this is a stock that we think is a great long term stock. We will look to buy back at some point soon.
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 949 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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Our current schedule is Monday-Thursday approximately 6:30 p.m. CST, and they usually last approximately one hour. We will also broadcast at additional random times since we want to satisfy our international subscribers as well.
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