Wyckoff Wave Adding To Gains Off Of The Lows

The Wyckoff Wave closed the week slightly higher, on low volume.

The Wyckoff Wave was lethargic early in the week, then has a nice up day Friday.  Volume is low, and the Technometer is neutral, so we look for the rally to continue this week. 

The Technometer is neutral at a reading of 44.8.  

The Wave and the OP are in unision. 

WWN – The Wyckoff Wave New Index closed up nicely for the week on low volume.

The price action was good and we closed strong Friday.  We look for this index to continue higher for the week.

The Technometer is slightly above neutral at 46.5.  

The Wyckoff Wave Growth Index was also up nicely for the week on low volume.

We was looking for a shortening of the thrusts, with an ending diagonal as shown by the blue dotted lines.   Last week’s action gives us more confidence in this outlook.   We have now broken the downtrend line and looking for an extension of the gains into the early part of the week.   

We would like to see continued rally here until the Technometer gets to overbought, then look for a constructive pullback to test the recent lows.

The Techometer is near neutral at 45.o.  

The SPY closed the week also higher on holiday shortened low volume.

As mentioned last week, the Technometer here would get to overbought on any rally last week, and that is exactly what has happened.   We still think we will continue to work higher early in the week until our other Technometers get closer to overbought.   Then we will monitor how the correction looks.  

We are overbought on the Technometer at 50.0.  

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The bond market closed slightly higher for the week, on average volume.  

We have stayed on the sidelines, and our Technometer went to extreme overbought last week.   It did recede quickly in the last two days, so if we can get to near oversold, we will look for bonds to continue to rally off of their bear market lows.  

The Technometer is neutral/overbought at 47.5.

The GDX closed the week lower, on average volume.

We had expected the previous support at $29.66 to hold, and begin a corrective rally.  We closed exactly at that price Friday, and we will look for a positive week for the Precious Metals this week. 

The Technometer is near neutral at a reading of 43.2.  

The long dollar ETF, UUP closed the week slightly lower on extremely low volume.

We look for this market to rollover….

The Technometer is near overbought with a reading of 48.3. 

Bitcoin has continued to stairstep slightly higher since last Saturday’s fear induced low.   

We was expecting this market to work higher with stocks, and it did do exactly that.   We still think stocks/bitcoin can work higher this week.

We will watch to see when our Technometer nears overbought to reassess the situation.   

Our Technometer for Bitcoin is neutral at 44.5.

IMPORTANT ANNOUNCEMENTS: 

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Click Here Our new “Pulse of The Market” charting software for Cryptocurrrencies is now showing consolidated volume from over 140+ exchanges.  This is utmost important when applying Wyckoff Technical Analysis.   We are showing this software in use on our social media sites, and will be launching for subscription in near future. 

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If you are interested in Wyckoff stock chart analysis as well as Cryptocurrency, search “Learn Crypto / Wyckoff SMI” or click this link https://www.youtube.com/channel/UCDxK2PwEDvoaHZgjPV_WgcA Please subscribe and click the bell to be notified of our upcoming broadcasts.

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Good Trading,

Todd Butterfield