Wyckoff Wave Stuck In Its Trading Range.

Todd Butterfield Week In Review 0 Comments

I have had COVID for the last three weeks, thus no updates.  Apologize for the interruption.

The Wyckoff Wave was down for the week.  Volume continues at consistent low levels.

The O-P was down for the week.

The Force Index was also down for the week.

We have been looking for continued sideways action in our recent trading range, and it appears we can expect more in the week ahead.

The Technometer is working towards oversold, so we would expect the support to hold once again at the bottom of the recent trading range.

The Wave and OP are trading in harmony.

In the larger picture for the Wyckoff Wave, we continue to see range bound trading.  For the time being, it appears we can expect still more until we get ending action.

The Technometer is nearing oversold as we near the support of the trading range, as well as the spring of that level a month ago.

The Wyckoff Wave Growth Index (WWG) has continued working lower off of our sell signal six weeks ago. Volume has been lackluster.

We are on the sidelines looking for still lower.  You can see the OP continues to hit new highs which shows buying, but price is not responding.

Technometer is still neutral/overbought, so we expect still lower prices in the week ahead.

The SPY finished the week slightly lower.   On the SPY, we have been looking for a correction.

You can see the uptrend channel looks tired, as prices have continued to not have the strength to rally to the overbought line of that uptrend.   This looks bearish….

Technometer is neutral/overbought, and we expect lower prices until it gets closer to oversold.

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The bond market was up for the week, after trading sideways for the last 10 weeks.

Our Technometer is at an overbought reading once again, so we expect some weakness in the week ahead.  We had talked about the blue uptrend line giving away three weeks ago, which it did, and now we are on the underside of it.  It appears we can work still lower from here.

The GDX finished the week down sharply once again.

Technometer has been oversold, and price is near the previous lows from March.  We thought we might get a bounce here.

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

The Technometer registered oversold at the recent low at $24.70, but now nearing overbought.   We expect prices can continue somewhat higher, as there is still large shorts in the dollar complex that need squeezed.  But we do not expect a major rally from here currently.

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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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