Wyckoff Wave Right At It’s Support.

The Wyckoff Wave closed the week lower, but traded sideways after Monday’s heavy selling.  Volume was average on the selloff.

The Technometer was close to overbought which kept sell pressure on the market last week, and we are still trading near neutral. 

Volume has been average on the rallies, and to turn this market higher we need strong volume to come in.  We have sprung the trading range once again so lets see how the price action is early in the week.  For now we are staying on the sidelines until the picture clears.   

The Technometer is near neutral with a reading of 44.8.

The OP continues to lead the Wave to the upside, thus the inability to get the Technometer oversold on the recent selling.

WWN – The Wyckoff Wave New Index continued to lose ground below the recent support as marked.   We was hoping for spring type action, but looks like now we could be having a rally back to the ice.  We will watch volume action on this rally.

 The Technometer is slightly above neutral with a reading of 45.5

The Wyckoff Wave Growth Index traded slightly lower for the week on average volume.

Thursdays action felt a little climatic with an increase in volume.  Follow thru action on Friday did not see expanding volume which is disappointing for the bulls.  Looks like a rally from an oversold position for now.  

The Techometer once again will be moving to overbought very quickly this week. 

The SPY closed the week down slightly as well, with a recovery off the lows to end the week.  Volume was average and did not expand off the lows.   We would expect slightly higher action early in the week, and will be watching the Technometer to return to overbought.

Here as well we are near neutral on the Technometer at 45.7

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The bond market closed slightly higher, on a slight increase in volume. 

Our indicators have not given us much help in this market, thus no positions.  

The Technometer is near neutral with a reading of 43.7.

The GDX closed the week sharply lower on average volume.

We was looking for a successful backup, but we have got much deeper in the range then we would have wanted.  We still expect further gains from here, but we will have to watch action to see if it returns bullish.   

Technometer is near oversold with a reading of 37.2.

The long dollar ETF, UUP closed the week higher once again, om slightly higher volume.

We are on sidelines but want to be short.  The continued weak stock market/inflation/Russia keeps the Dollar firmly bid.

The Technometer is near overbought with a reading of 48.6.

Bitcoin followed stocks sharply lower this past week, with a sharp increase in volume.  The price/volume action late in the week felt a little climatic, and we had an oversold Technometer heading into the lows.    

The OP continues hitting new lows while price is trying to “spring” the previous lows at $29,500.

Our Technometer for Bitcoin is now back to neutral with a reading of 43.3.   Once we get to overbought we will look for a test of the lows, or a move to slight new lows. 

IMPORTANT ANNOUNCEMENTS: 

We launched our WyckoffSMIChina.com site late March, for our China community.  Check it out!

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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. 

We have an active Discord channel where we discuss the Crypto markets.  We have had huge success and if you trade Bitcoin you might like monthly access at $40 a month. Join Here

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 1029 students enroll since its launch on June 22, 2017.   On June 28th, 2018 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 Cryptocurrency, search “Learn Crypto / Wyckoff SMI” or click this link https://www.youtube.com/channel/UCDxK2PwEDvoaHZgjPV_WgcA

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Good Trading,

Todd Butterfield