Wyckoff Wave Testing The Lows?

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The Wyckoff Wave New Index (WWN) traded higher for the week, on low volume.

We have been bullish recently expecting more upside.   Last week’s action did nothing to change that.  We was hoping for some backing and filling on low volume, to prepare us for the next leg higher.

Technometer is neutral with a reading of 44.21.

WWN Daily 3 6 22 LearnCrypto Powered By Wyckoff SMI 2022

The OP is leading the Wave higher.  

WW Intraday 3 6 22 LearnCrypto Powered By Wyckoff SMI 2022

The Wyckoff Wave Growth Index traded lower for the week on continued Russia News.  Volume was lower as we was wanting, so so far so good. 

We need the WWG to complete a successful low volume test of the lows, and turn higher on stronger volume.  

Technometer is still near overbought with a reading of 46.89, and we would like to this to come off these high levels to support further rally attempts.  

WWG Daily 3 6 22 LearnCrypto Powered By Wyckoff SMI 2022

The SPY closed the week slightly lower, on slightly lower volume as well. 

We were looking for a low volume pullback last week to test the previous low.   We did that sideways correction, and volume did fall back some.  Let’s look for a successful test, and a return to higher prices. 

The Technometer is near overbought at a reading of 49.22, as the OP continues to stay strong here as well like the WWN.

SPY Daily 3 6 22 LearnCrypto Powered By Wyckoff SMI 2022

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The bond market closed higher for the week, on slightly higher volume.  We still think this market can still trade higher. 

The Technometer is near neutral with a reading of 44.32.

TLT Daily 3 6 22 LearnCrypto Powered By Wyckoff SMI 2022

The GDX closed the week sharply higher, on average volume.

We have been Precious Metals as we feel the Dollar is making a top.  The Dollar has stayed strong, but metals have stayed strong.   With an overbought Technometer, we would expect a rest here, before higher.

Technometer is near overbought with a reading of 52.81.

GDX Daily 3 6 22 LearnCrypto Powered By Wyckoff SMI 2022

The long dollar ETF, UUP closed up sharply for the week with the continued Russia news.  Volume was average.

We still feel the trading action here is bearish, and being propped up by the news backdrop.  We are looking to enter shorts, but still on the sidelines.  

The Technometer is neutral with a reading of 45.31.

UUP Daily 3 6 22 LearnCrypto Powered By Wyckoff SMI 2022

Bitcoin also was down sharply for the week in sympathy with the Nasdaq falling on Russia news.   Volume was average to start the decline, and was extremely low last two days.

We have showed bullish divergences in blue and pink, and we stay bullish on Bitcoin. 

Our Technometer for Bitcoin is near oversold again with a reading of 39.48.

BTC Daily 3 6 22 LearnCrypto Powered By Wyckoff SMI 2022

ATOM – Atom continues to trade very well for the bull case.   Nice rally on increasing volume, and a selloff on lower volume.

We have the bullish divergences as show in blue, and a near oversold Technometer.

Technometer is at 42.34, and previous readings around 40.80 have given us good buy zones.

ATOM Daily 3 6 22 1 LearnCrypto Powered By Wyckoff SMI 2022

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Good Trading,

Todd Butterfield

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