Will Last Week’s Lows In The Wyckoff Wave Hold?

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The Wyckoff Wave closed higher for the week, on average volume. 

We were looking for a tradeable low early in the week, and that happened first thing Monday at the opening.  We then had good follow thru Tuesday, then spent the rest of the week correcting back down to test the low.  

Once last week’s put option expiration was out of the way, we had one of the biggest two day rallies in history.   This low now needs to hold if we are going to try and continue the rally this coming week.  Let’s look for higher.

The Technometer is near neutral at 43.1.  

WW Daily 10 9 22 LearnCrypto Powered By Wyckoff SMI 2022

 

The OP made new lows for the recent downtrend, while price is hopefully testing last weeks low.   This is a bullish divergence and gives us more confidence that we will in fact test the low and turn higher once again. 

WW Intraday 10 9 22 LearnCrypto Powered By Wyckoff SMI 2022

 

WWN – The Wyckoff Wave New Index also closed higher, on average low volume.   

Our Technometer was oversold at last Friday’s low, which gave us the snap back rally early in the week.  We are now slightly above neutral, which still allows us to turn higher after testing last weeks low.  

Currently the Technometer is near neutral at 45.0. 

WWN Daily 10 9 22 LearnCrypto Powered By Wyckoff SMI 2022

 

The Wyckoff Wave Growth Index was down last week due to the weak price action in Tesla (TSLA).  Volume was slightly higher on the selloff.

We were expecting this index to turn higher last week as well, which did not happen.  We will look closer at TSLA, to see if we can turn higher this week as well on this index. 

Currently the Techometer is neutral at 44.6.  

WWG Daily 10 9 22 LearnCrypto Powered By Wyckoff SMI 2022

 

The SPY was up last week as well, on slightly lower volume. 

We did get near oversold on Tuesday for our SPY Technometer.  We are now at 45 which is not impressive considering the sharp selloff on Friday.   We will still look for a successful test here of last week’s low, but if that low gives away we will see more selling hit the SPY. 

The Technometer is neutral at 45.0.  

SPY Daily 10 9 22 LearnCrypto Powered By Wyckoff SMI 2022

 

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The bond market continues the selling of the last few months with new lows for the move, on lower volume.

We are still standing aside… 

Technometer is near overbought at 47.2.

TLT Daily 10 9 22 LearnCrypto Powered By Wyckoff SMI 2022

 

The Wyckoff Wave Metal Index was also higher early in the week, and spent the rest of the week correcting those gains on average volume.  We expect some sideways price action here, before trying the resistance at 2400.

The Technometer is neutral/overbought at 45.8.

WWM Daily 10 9 22 LearnCrypto Powered By Wyckoff SMI 2022

 

The long dollar ETF, UUP was up slightly, on average volume.

We were down sharply on Monday/Tuesday, then spent the rest of the week correcting the decline.  We still believe the Dollar is making a top up here.  

The Technometer is near neutral with a reading of 42.1.

UUP Daily 10 9 22 LearnCrypto Powered By Wyckoff SMI 2022

 

Bitcoin traded higher early in the week, then spent the rest of the week correcting the majority of those gains, on average low volume. 

We never got a solid oversold Technometer reading here, as the selling has not been strong.   We are still trading near neutral so not much help from this indicator.

We still look for higher in the coming week, as our Bitcoin Bitfinex Technometer is oversold, and that normally gives us at a bounce at a minimum.   

Our Technometer for Bitcoin is neutral at 42.9.  BTC USD C 1D 2022.05.15 3 34 10 PM LearnCrypto Powered By Wyckoff SMI 2022

BTC Daily 10 9 22 LearnCrypto Powered By Wyckoff SMI 2022

BTC Bitfinex LearnCrypto Powered By Wyckoff SMI 2022

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Good Trading,

Todd Butterfield

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