The Wyckoff Wave Stuck at Bottom Of Recent Range

This past week the Wyckoff Wave mostly sideways with some weakness into Friday’s close.  Again, not the type of action we would expect after a successful test of a spring, so recent action is discouraging for the bulls.   The tests were not of high quality as volume has actually increased on the tests.  So this leaves us vulnerable to a breakout to the downside.   Volume was slightly higher for the week.

The Technometer began the week at slightly below neutral levels, and finished nearing oversold levels.

For the week the S&P was up .5%, and the Nasdaq .56%.


Thus far the Wyckoff Wave has still found support at the previous lows of  51,000.  The Technometer was neutral the last two weeks, but now nearing oversold.  With that in mind, we think it will be hard to make a large break to the downside here, but nevertheless, we are near the support level of the trading range.

The O-P had not rallied at all since the short term lows of Feb 5th.   It continues to trade near the lows.

The Force Index turned lower last week.

The Technometer finished the week once nearing oversold levels.

The one year daily chart shows the Wyckoff Wave trading in an uptrend but weakening as we have been warning.  Last week’s action keeps us on the lookout for a break lower to the support line of the blue uptrend.

The Wyckoff Wave Growth Index (WWG) continued higher early in the week, which we did not expect.  The Technometer finally reached overbought levels, and Friday we had a sharp down day in this index.  We think this market could still work lower near term.

The bond market did rollover as expected last week.  It broke the uptrend sharply, and we feel headed to now lows once again.  We are holding shorts from $125.08.

IMPORTANT ANNOUNCEMENT:  We will soon be launching our “Pulse of The Market” for Cryptocurrrencies.  This software will have consolidated volume for the Crypto’s which will be most important when applying Technical Analysis. We have had delays in the launch as getting correct volume data from 39 exchanges has been a monumental task for our software.
Due to the demand for Bitcoin/Cryptocurrency information and trading knowledge, we released a Cryptocurrency and Wyckoff Trading Course at our site,   This course is being offered at an affordable $299.99.  We have had 904 students enroll in the last 40 weeks.   
If you are interested in Cryptocurrency news and Wyckoff chart analysis, search “Learn Crypto / Wyckoff SMI” or click this link
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Good Trading,

Todd Butterfield

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