Wyckoff Wave Back At Resistance But Acting Well.

Learncrypto video intro LearnCrypto Powered By Wyckoff SMI 2022

The Wyckoff Wave closed last week higher, on slight increase in volume.

We was expecting a slight pullback into the FED speak, which we got.   After the FED meeting stocks began a nice rally to end the week right back at our previous ice level.  We are not overbought on our Technometer so we expect we will try to continue higher, and hopefully we can reenter the trading range.

The Technometer is above neutral at 46.7.  

WW Daily 7 30 22 LearnCrypto Powered By Wyckoff SMI 2022

 

The OP was weaker heading into the FED meeting, which gave us a bullish divergence (new low OP while the Wave did not).  It is now back more in lockstep with the Wave.

WW Intraday 7 30 22 LearnCrypto Powered By Wyckoff SMI 2022

 

WWN – The Wyckoff Wave New Index also closed nicely higher for the week on average low volume. 

Selling did not come in early in the week, then we turned back higher, and working our way back above the shown ice level.  The price action is constructive, and our Technometer is no where near overbought.   Appears we can continue to work higher.  

The Technometer is below neutral at 42.5.  

WWN Daily 7 30 22 LearnCrypto Powered By Wyckoff SMI 2022

 

The Wyckoff Wave Growth Index continued its recent uptrend on low volume.

The Growth index continues to make higher highs and higher lows.   This is bullish price action and our Technometer is neutral.   We look for higher. 

Currently the Techometer is neutral at 45.4.  

WWG Daily 7 30 22 LearnCrypto Powered By Wyckoff SMI 2022

 

The SPY closed the week higher on low volume. 

The SPY backed up to previous short term resistance Wednesday, and smartly turned higher.  Technometer is not overbought so we look for higher here as well. 

We are neutral/overbought at 47.0 on the Technometer.  

SPY Daily 7 30 22 LearnCrypto Powered By Wyckoff SMI 2022

 

If you want more current up to the minute updates and trades as shown above, please join our ProTraders/Private Stock Discord.  Join Here If you are a Crypto Discord Member, and would like the ProTraders/Private Stock Discord as well, you can have access for only $20 a month.   Join Here

The bond market closed slightly lower for the week on average low volume.

The TLT has back and filled at the previous short term resistance as shown by the trading range.  The Technometer has managed to work back near oversold, so we think this market will take another opportunity to jump the resistance. 

The Technometer is approaching oversold at 41.7.

TLT Daily 7 30 22 LearnCrypto Powered By Wyckoff SMI 2022

 

The GDX traded the week slightly higher, on low volume.

This market is still probing for a low, but no strong indications that is occurring as of yet.  Technometer is overbought so probably not a strong rally out of here as of yet.   We look for higher though.

Technometer is overbought at 51.7.

GDX Daily 7 30 22 LearnCrypto Powered By Wyckoff SMI 2022

The Wyckoff Wave Metal Index is trying to break its downtrend and work higher. 

The Technometer is more friendly here at 42.7, so we look for higher. 

WWM Daily 7 30 22 LearnCrypto Powered By Wyckoff SMI 2022

 

The long dollar ETF, UUP closed the week lower on slight increase in volume.

We think this market could have topped, and will be looking for a short entry, but for now it is oversold.

The Technometer is oversold with a reading of 33.1.

UUP Daily 7 30 22 LearnCrypto Powered By Wyckoff SMI 2022

 

Bitcoin followed stocks higher for the week as expected.    

Middle of the week the Technometer for Bitcoin got below 42, and that was enough to allow us to turn higher.   We are now nearing overbought.  We look for still higher but some possible backing and filling soon.  

Our Technometer for Bitcoin is near overbought at 49.4. BTC USD C 1D 2022.05.15 3 34 10 PM LearnCrypto Powered By Wyckoff SMI 2022

BTC Daily 7 30 22 LearnCrypto Powered By Wyckoff SMI 2022

 

IMPORTANT ANNOUNCEMENTS: 

We launched our WyckoffSMIChina.com site late March, for our China community.  Check it out!

We have just released a lower cost version of our Unleashed Course, which is an excellent value at $349.99.  

Click Here Our new “Pulse of The Market” charting software for Cryptocurrrencies is now showing consolidated volume from over 140+ exchanges.  This is utmost important when applying Wyckoff Technical Analysis.   We are showing this software in use on our social media sites, and will be launching for subscription in near future. 

We have an active Discord channel where we discuss the Crypto markets.  We have had huge success and if you trade Bitcoin you might like monthly access at $40 a month. Join Here

Due to the demand for Bitcoin/Cryptocurrency information and trading knowledge, we released a Cryptocurrency and Wyckoff Trading Course at our site, LearnCrypto.io   This course is being offered at an affordable $299.99.  We have had 1029 students enroll since its launch on June 22, 2017.    On June 28th, 2018 we added lessons detailing the OP, Force, and Technometer and how to use these Wyckoff Tools for analysis.

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 Please subscribe and click the bell to be notified of our upcoming broadcasts.

If you would also like to follow us on twitter for news and trade ideas, follow “WyckoffonStocks“, “LearnCryptoShow“, or “WyckoffonCrypto“.   We have given numerous profitable trades to our subscribers on the Youtube channel, as well as Twitter.  

Good Trading,

Todd Butterfield

Related Articles