Wyckoff Wave Still Looks Lower.

The Wyckoff Wave was up sharply for the week.  Volume was average.

The O-P was also up for the week.

The Force Index up for the week.

The Technometer is neutral.

The Optimism Pessimism Index and Wyckoff Wave are trading in unison.

The Wyckoff Wave closed sharply higher for the week, after Monday’s gap higher.  Volume was slightly higher.

The Wave gapped higher on Mondays vaccine news and then spent the rest of the week working sideways.  We was expecting a turn lower, and still think we can see more downside ahead. 

Our Technometer is at neutral.

The Wyckoff Wave Growth Index (WWG) ended the week sharply lower as expected.  We did put in another successful test and turned lower. 

Technometer is still closer to overbought so we expect lower from here as well.

The SPY finished the week higher.  It appears we could have completed an upthrust and a test, so we look for lower.

The Technometer is neutral.

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The bond market closed slightly lower for the week.

We are on the sidelines, but said price action looks bearish.   It still does as our Technometer is now back to overbought levels.  We would expect another turn lower soon.

The GDX finished the week sharply lower as expected.

The Technometer is still deeply oversold but price action has been more bearish.  We will stay short but monitor closely.

GDXJ slightly stronger but still looks bearish as we are below our support line.  The Technometer is oversold so we must be careful with short positions.

The long dollar ETF, UUP was up for the week as expected.

The long dollar ETF did appear to spring the low as mentioned and now hopefully putting in a test.  We are long.

The Technometer is overbought so we are not comfortable with that.


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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

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Good Trading,

Todd Butterfield

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