Wyckoff Wave Constructive Pullback, Looks Higher.

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

We was expecting the Wave to continue higher, and we still of that thinking.   Technometer has worked slightly lower, so lets look for support early in the week, and then higher once again.

The Technometer is neutral at 44.9.  

WW Daily 8 7 22 LearnCrypto Powered By Wyckoff SMI 2022

 

The OP and Wave are moving basically in unison, with the Wave lagging slightly on Friday.

WW Intraday 8 7 22 LearnCrypto Powered By Wyckoff SMI 2022

 

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

We was looking for the WWN to continue higher, which is still the case.  We are holding the high level support line, and Technometer has came down nicely to support further rally. 

The Technometer is nearing oversold at 40.5.  

WWN Daily 8 7 22 LearnCrypto Powered By Wyckoff SMI 2022

 

The Wyckoff Wave Growth Index was down slightly for the week, on extremely low volume.

The price/volume action still looks friendly here as well.  Technometer has came off of overbought so lets look for still higher.

Currently the Techometer is neutral at 43.5.  

WWG Daily 8 7 22 LearnCrypto Powered By Wyckoff SMI 2022

 

The SPY closed the week slightly higher on low volume. 

We are looking for higher, and will reevaluate in a few days.  Technometer is nearing overbought, but price action has been strong.

We are nearing overbought at 49.2 on the Technometer.  

SPY Daily 8 7 22 LearnCrypto Powered By Wyckoff SMI 2022

 

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

The TLT has seen some two sided trade last week, and we think will still find support and try the upside once again.  Let’s see if we can jump the resistance at 120.

The Technometer is approaching oversold at 39.6.

TLT Daily 8 7 22 LearnCrypto Powered By Wyckoff SMI 2022

 

The GDX traded the week unchanged on low volume.

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

Technometer is overbought at 48.0.

GDX Daily 8 7 22 LearnCrypto Powered By Wyckoff SMI 2022

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

The Technometer was more friendly here before Friday’s jump, but currently near overbought at 48.6.

WWM Daily 8 7 22 LearnCrypto Powered By Wyckoff SMI 2022

 

The long dollar ETF, UUP closed the week higher on an increase in volume.

This market we think has topped, but it was oversold last week so we was looking for a rally.  It is still near oversold, so lets watch early in the week for a short setup.

The Technometer is near oversold with a reading of 40.6.

UUP Daily 8 7 22 LearnCrypto Powered By Wyckoff SMI 2022

 

Bitcoin followed stocks slightly lower as well.    

We was looking for some backing/filling here which is what we got.   We think Bitcoin will dig in here with stocks, and work higher.    

Our Technometer for Bitcoin is near overbought at 48.  Some of our other Technometers for Bitcoin are not this overbought, and will support further rally. BTC USD C 1D 2022.05.15 3 34 10 PM LearnCrypto Powered By Wyckoff SMI 2022

BTC Daily 8 7 22 LearnCrypto Powered By Wyckoff SMI 2022

 

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Good Trading,

Todd Butterfield

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