Wyckoff Wave To Work Sideways Or Lower For The Week.

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

We was expecting higher prices for the week, and we was up every day.   We now have an overbought Technometer so we would like to see some sideways/lower price action to relieve that condition.   A constructive pullback would be a nice buy setup.  

The Technometer is now neutral/overbought at 46.5.  

WW Daily 10 30 22 LearnCrypto Powered By Wyckoff SMI 2022

 

The Wave is leading the rally versus the OP.   This could give us the pullback we would like to see this week. 

WW Intraday 10 30 22 LearnCrypto Powered By Wyckoff SMI 2022

 

WWN – The Wyckoff Wave New Index also closed higher for the week, on a slight increase in volume.   

Once again the WWN Index is back at the previous support level that is now resistance.  Let’s see how we trade at these levels, but for now we will look for some backing and filling, before higher.

Currently the Technometer is overbought at 50.0. 

WWN Daily 10 30 22 LearnCrypto Powered By Wyckoff SMI 2022

 

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

At Wednesday’s highs our Technometer was overbought, and we are now quickly back to 43.1.   Let’s look for lower price action here as well, and look for an oversold Technometer reading.

Currently the Techometer is near neutral at 43.2.  

WWG Daily 10 30 22 LearnCrypto Powered By Wyckoff SMI 2022

 

The SPY was up sharply for the week as expected, on average volume. 

We had expected a rally up to the blue box as shown on the chart.   We just got to the lower boundary of that at Friday’s close.   Let’s look for possibly slightly higher early in the week, then some type of selloff to end the week.   

The Technometer is overbought at 49.4.  

SPY Daily 10 30 22 LearnCrypto Powered By Wyckoff SMI 2022

 

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The bond market had a positive week for the first time in awhile as expected.   We now have an overbought Technometer so lets looks for some backing and filling before a return to higher. 

Technometer is overbought at 51.9.

TLT Daily 10 30 22 LearnCrypto Powered By Wyckoff SMI 2022

 

The Wyckoff Wave Metal Index was also up for the week, and following stocks higher as expected.  Let’s look for a pullback here as well back to the support line.

The Technometer is neutral/overbought at 46.8.

WWM Daily 10 30 22 LearnCrypto Powered By Wyckoff SMI 2022

 

The long dollar ETF, UUP was lower as expected, on low volume.

We was looking for continued weakness that we got.   Let’s look for some sideways before continuing lower.

The Technometer is near oversold with a reading of 40.2.

UUP Daily 10 30 22 LearnCrypto Powered By Wyckoff SMI 2022

 

Bitcoin had a nice rally as well, following stocks higher, on low volume.   

Technometer is near neutral, so let’s look for lower late in the week, and hopefully an oversold Technometer and a buy setup.  

Our Technometer for Bitcoin is neutral at 44.9.  BTC USD C 1D 2022.05.15 3 34 10 PM LearnCrypto Powered By Wyckoff SMI 2022

BTC Daily 10 30 22 LearnCrypto Powered By Wyckoff SMI 2022

 

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Good Trading,

Todd Butterfield

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