Will Thursday’s Lows In The Wyckoff Wave Hold?

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

We was lookin for the previous weeks low to hold and higher prices for the week.   The low got matched on Thursday’s inflation report, and then we had a large rally off those lows for the day.    Then Friday saw a return to selling once again.   

We still need last week’s low to hold, and to keep things bullish we need Friday’s high to be taken out.   Lets see how the week starts out.

The Technometer is neutral at 44.3.  

WW 1D 2022.10.16 5 00 52 PM LearnCrypto Powered By Wyckoff SMI 2022

 

The Wave went to a new low on Thursday while the OP did not, which gave us Thursday’s turn around.  Now they are somewhat back in unison once again. 

WW 5M 2022.10.16 4 55 33 PM LearnCrypto Powered By Wyckoff SMI 2022

 

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

We expected higher for the week, and we got some of that.  Same as for all indices, we need last week’s low to hold to keep a rally in tact.  

Currently the Technometer is neutral at 44.1. 

WWN 1D 2022.10.16 5 01 19 PM LearnCrypto Powered By Wyckoff SMI 2022

 

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

As stated, we need last week’s lows to hold to keep a bullish opinion. 

Currently the Techometer is near oversold at 40.5.  

WWG 1D 2022.10.16 4 58 47 PM LearnCrypto Powered By Wyckoff SMI 2022

 

The SPY was also down slightly last week, on average volume. 

The previous week’s low did give away on Thursday’s lower opening, which we did not like.   Once again we need Thursday’s low to hold to keep things looking higher. 

The Technometer is neutral/oversold at 41.6.  

SPY 1D 2022.10.16 4 56 37 PM 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 slight increase in volume.

We are still standing aside looking for a low… 

Technometer is neutral at 44.3.

TLT 1D 2022.10.16 4 57 11 PM LearnCrypto Powered By Wyckoff SMI 2022

 

The Wyckoff Wave Metal Index was down for the week, and testing the lows of three weeks ago.   No signs for us to say it will be successful.   It appears we are just following stocks…

The Technometer is neutral at 43.9.

WWM 1D 2022.10.16 4 57 44 PM LearnCrypto Powered By Wyckoff SMI 2022

 

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

We are looking for low risk entry for a short position.  With an oversold Technometer we will stay on the sidelines.  

The Technometer is oversold with a reading of 38.6.

UUP 1D 2022.10.16 4 58 18 PM LearnCrypto Powered By Wyckoff SMI 2022

 

Bitcoin continues to follow stocks on low volume.   

Technometer is neutral, and no help from our OP readings.  As with stocks, we need to see Thursday’s low hold for this market to stay short term bullish.

The Bitcoin Bitfinex Technometer is back to neutral, with price not giving us any rally in price.  Not encouraging…

Our Technometer for Bitcoin is neutral at 44..  BTC USD C 1D 2022.05.15 3 34 10 PM LearnCrypto Powered By Wyckoff SMI 2022

BTC USD C 1D 2022.10.16 5 03 54 PM LearnCrypto Powered By Wyckoff SMI 2022

BTC USD 1D 2022.10.16 5 15 15 PM LearnCrypto Powered By Wyckoff SMI 2022

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Good Trading,

Todd Butterfield

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