The Wyckoff Wave STILL Hugging our Resistance Level

Todd Butterfield Week In Review 0 Comments

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The Wyckoff Wave closed down slightly for the week.  Volume was slightly higher due to Quadruple Expiration.

The O-P was up down for the week.

The Force Index was down as well.

The Technometer is at deeply oversold readings.

 

The OP is performing very weak to the Wyckoff Wave.  This is what is giving us our deeply oversold Technometer reading.

 

The Wyckoff Wave traded sideways for the week.  We was expecting some weakness due to the overbought Technometer and sitting at resistance.

The Technometer has now quickly reversed back to extreme oversold.   Therefore we would expect a bounce from these levels.

The Wyckoff Wave is having trouble jumping its resistance level, and continues to trade right on it.  With the oversold Technometer we have our best chance to overcome the resistance and move higher.

 

The Wyckoff Wave Growth Index (WWG) traded nicely higher for the week, which we did not foresee.

The Technometer is now at extreme overbought, and we would expect this market to continue Friday’s reversal lower.

 

The SPY also finished the week higher, and set another new high for the move.

The Technometer is solidly oversold.  As you can see, we are getting conflicting signals from our Technometer for the blue chips, and the Nasdaq growth type stocks.   Friday’s expiration volume skewed the numbers some, so we will monitor things closely early in the week.  If you want more current up to the minute updates, please join our Private Discord. Join Here

 

The bond market began the week testing the previous spring as we had mentioned it could do.

We gave a buy on Wednesday due to what looks like a successful test, and an oversold Technometer.  We expect this market to move higher in the weeks ahead.

 

The GDX finished the week slightly lower against our expectations.

We have what looks like a bullish setup in this market with the OP hitting new lows while Price is establishing higher lows.

We also have an oversold Technometer reading.   We are long this market and expecting it to move higher in sympathy with the TLT.

 

The long dollar ETF, UUP was up for the week as we expected, as we wanted a bounce to sell short.

We have an overbought Technometer as well.

 

ULTA was down slightly for the week as expected, and our indicators still look bullish here.

 

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 990 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

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