The Wyckoff Wave hugging the top of its uptrend channel…

Todd Butterfield Week In Review 0 Comments

This past week the Wyckoff Wave spent another week digesting gains and adding to them.  Volume was slightly lower early in the week while having the highest volume Friday then we have seen in months.  GE had strong volume Friday which accounted for most of it.

The Technometer is now trading at overbought levels once again.

The S&P was up .86%, and the Nasdaq was up over .36% for the week.

The Wave spent Monday-Tuesday working lower and then finished the week stronger and closing at its highs.  The O-P once again broke out to new highs as you can see from the intraday chart below.

The Force Index was up slightly for the week.

The Technometer  was trading neutral early in the week, then back to overbought on Friday.  We mentioned the previous overbought Technometer’s only pause the rallies, and once we return to neutral, the Wyckoff Wave continues its rally.

 

The one year Daily chart shows the Wyckoff Wave still hugging the overbought line of the blue uptrend channel.  The Technometer is now back to an overbought condition, and we would think we will not start an accelerated uptrend.

 

 

The Wyckoff Wave Growth Index (WWG) upthrusted the previous rally highs on Wednesday and closed lower.  On Thursday/Friday it continued adding to the weeks losses.  We would expect this market to still work lower from here.

 

 

The bond market was down sharply for the week as expected.  The overbought Technometer did stop the rally and lead to this weeks selloff.  We are now back to neutral on the Technometer.  We would expect lower prices in the week ahead.

 

 

IMPORTANT ANNOUNCEMENT:  Barchart just announced that they will be offering trade data on Cryptocurrencies now.   We will therefore be launching our “Pulse of The Market” for Cryptocurrrencies in the upcoming weeks.

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We also have a Youtube channel that has grown quickly to 11,200 subscribers in a matter of a few months.  If you are interested in Cryptocurrency news and Wyckoff chart analysis, search “CRYPTO NEWS”, subscribe, and click the bell to be notified of our upcoming broadcasts.  Our current schedule is Monday-Friday around 5 p.m. CST and they usually last close to two hours, and we just added an approximate 10-11 a.m. broadcast to reach more of our international subscribers.  We have subscribers all over the world, so at times we vary broadcasts to try and satisfy international subscribers.  

If you would also like to follow us on twitter for news and trade ideas, follow “WyckoffonCrypto”.   We have given numerous profitable trades to our subscribers on the Youtube channel, as well as Twitter.  We felt this market with its public participation, lots of volatility, and extreme emotions would be much easier to trade.  So far that has been the case…

Good Trading,

Todd Butterfield

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