The Wyckoff Wave slowed its advance and was up only slightly for the week. Volume was at average levels.
The O-P was also up for the week.
The Force Index flat for the week.
The Technometer reading is slightly above neutral.
The OP and Wyckoff Wave is showing no major divergences or inharmonious action for the past week.
We were expecting the Wave to experience a correction the last couple weeks but its recent uptrend has continued. We had an overbought Technometer which has slowed the advance, but thus far has not given us any correction of the recent advance. We still expect further sideways, or even the long expected short term correction.
We continue to add to our gains off of the 44,000 level, which keeps this long bull market alive. We expect further sideways action in the weeks and months ahead.
The Wyckoff Wave Growth Index (WWG), experienced a correction early in the week as we were looking for. As this occurred it did get an oversold reading on its Technometer, which lead to the end of week rally. It looks like we could still work higher in the short term.
The bond market traded slightly higher for the week.
The Technometer registered an oversold reading and we did enter this market on the long side.
The GDX has had an interesting setup over the last six months. We feel that this market just came off of a Backup To The Creek, and could experience a nice mark up to the upside in the weeks ahead. We are long this market as of Thursday, and will look to buy more on pullbacks.
The following chart of Boeing (BA), shows the continued outperformance of this stock. We like this stock longer term, and would like to buy once again on a pullback.
The software has been very successful with trades for Square (SQ). We got a solid overbought reading on SQ as marked by the blue circles, but it has continued higher, which shows the strength of this issue.
We would like to see a short term correction here as well to purchase again.
Union Pacific (UNP) has also continued higher. It it now rallying back to its overbought line of its longer term uptrend as marked in solid blue. We also like this one again on a pullback.
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 948 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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