Wyckoff Wave Extending Gains Back Into The Range.

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The Wyckoff Wave closed last week higher, on average volume.

We was expecting the Wave to continue still higher, and it did exactly that every day last week.  It has now worked its way back into the trading range and above resistance.

Now we have the Technometer registering overbought, so we expect this rally to slow, and/or experience a slight pullback.    If this expected pullback is constructive, we would then expect still higher.

The Technometer is overbought at 51.8.  

WW Daily 8 14 22 LearnCrypto Powered By Wyckoff SMI 2022

 

The OP and Wave are moving in unison.

WW Intraday 8 14 22 LearnCrypto Powered By Wyckoff SMI 2022

 

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

Last week, we mentioned that the Technometer had came down to near oversold and supported higher prices, which we got.

The Technometer here is also now overbought, so lets look for a pullback here as well.  

The Technometer is overbought at 50.7.  

WWN Daily 8 14 22 LearnCrypto Powered By Wyckoff SMI 2022

 

The Wyckoff Wave Growth Index was up slightly for the week, on continued low volume.

Same as above, the Technometer is now overbought so lets look for sideways to lower.  

Currently the Techometer is neutral at 51.0.  

WWG Daily 8 14 22 LearnCrypto Powered By Wyckoff SMI 2022

 

The SPY extended its gains as expected, on continued low volume. 

The Technometer here is not yet overbought, so we could see possibly still slightly higher before a correction.  

We are nearing overbought at 47.9 on the Technometer.  

SPY Daily 8 14 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 slight weakness back into the recent trading range.   Let’s look for a rally back to the resistance, and see how the TLT reacts at that level once again.

The Technometer is neutral at 45.3.

TLT Daily 8 14 22 LearnCrypto Powered By Wyckoff SMI 2022

 

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

We feel this market is trying to establish a low, but no strong indications that is occurring as of yet.  Technometer is now extreme overbought so probably not a strong rally out of here as of yet.   Let’s see how it acts if we pullback some this week.

Technometer is extreme overbought at 55.3.

GDX Daily 8 14 22 LearnCrypto Powered By Wyckoff SMI 2022

The Wyckoff Wave Metal Index is in the same position as GDX. 

The Technometer currently overbought at 51.6.

WWM Daily 8 14 22 LearnCrypto Powered By Wyckoff SMI 2022

 

The long dollar ETF, UUP closed the week lower on low 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 rally and a short setup.

The Technometer is near oversold with a reading of 41.0.

UUP Daily 8 14 22 LearnCrypto Powered By Wyckoff SMI 2022

 

Bitcoin followed stocks slightly higher once again.    

We have been looking for some backing/filling here which is what we are still getting.   We expect some more two sided traded, before higher.    

Our Technometer for Bitcoin is near neutral/overbought at 46.2.  BTC USD C 1D 2022.05.15 3 34 10 PM LearnCrypto Powered By Wyckoff SMI 2022

BTC Daily 8 14 22 LearnCrypto Powered By Wyckoff SMI 2022

 

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Good Trading,

Todd Butterfield

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