The Wyckoff Wave Turned Back at Resistance

The Wyckoff Wave ended the week slightly lower as called for.  Volume was diminished until Friday’s selloff.
The O-P was up slightly for the week.
The Force Index was also up.
The Technometer is now slightly below neutral.

 

The Wyckoff Wave is slightly stronger than the OP, due to Friday’s volume surge at the close.

 
The Wyckoff Wave traded lower for the week as expected, respecting the resistance at the top of the trading range.
We had expected weakness last week due to the overbought Technometer, and facing the resistance of the trading range.  The Technometer is now back to below neutral.  This still allows for more weakness next week.
We will look for further correction back into the middle of the trading range, and we will monitor price/volume to get a clue for our next major move.

 
The Wyckoff Wave Growth Index (WWG) also traded lower for the week leading the Wave lower.
We had a near overbought Technometer last week, and finished this week at the same.  Growth stocks underperformed last week and still look like they can pullback more in the coming days.

 
The SPY stabbed a high Thursday as we spoke of, and then had nice selloff to end the week.  had a strong rally for the week as expected.
Here we have a Technometer nearing oversold, so maybe a further selloff this week, and then we will look to possibly repurchase.

 
The bond market traded sharply higher for the week.
We thought stocks would turn lower, and bonds would reverse previous sharp decline.  Last week went as planned.  We now have a neutral Technometer and would expect TLT to continue somewhat higher while stocks fall some more this week.  Look for a rally near the 50% retracement of the decline.
If we do get this rally, we then could see a overbought Technometer and a short selling opportunity.

 
The GDX bounced higher last week as called for.  We had an oversold Technometer which allowed this bounce to occur.  Now the issue is we are quickly at an overbought reading on the Technometer.  So a little higher early in the week, and here also a possible short selling opportunity.

 
The long dollar ETF, UUP traded slightly higher for the week putting in further testing of the previous upthrust.  We have now returned the Technometer to overbought here, so we could see another opportunity on the downside this week for the U.S. Dollar.

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