The Wyckoff Wave Looks Lower In The Week Ahead.

The Wyckoff Wave finished the week slightly higher as expected, on average volume.

We are not impressed by the lack of solid upside action last week in the Wave.  It appears we need more sideways to lower before we try the upside again.

The Technometer is neutral at 44.2.  

 

The Wave/OP were moving in lockstep for most of the week.  

 

WWN – The Wyckoff Wave New Index spent the week trading sideways in a narrow range, on average low volume.  

Here we got overbought on Wednesday, and appear to have more downside coming in the week ahead.  

Currently the Technometer is near overbought/neutral at 47.0. 

 

The Wyckoff Wave Growth Index was up againb nicely for the week, on average volume.

The WWG consolidated for a couple days then continued higher.  We expect some pullback here as well during the coming week.

Currently the Techometer is near neutral at 45.5.  

 

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

Last week’s rally took us above recent resistance, but we became overbought on that rally.   We look for lower in the week ahead to relieve the overbought Technometer.  

The Technometer is near overbought at 48.3.

 

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The bond market as shown by the TLT, traded sharply lower last week, as expected, on a slight increase in volume.

We could still see lower early in the week, and then we would expect support to come in down at the bottom of the recent trading range.  

The Technometer is nearing oversold at 41.3.

 

The Wyckoff Wave Metal Index was down sharply for the week, on average low volume. 

We are on the lookout for a low here in the metals markets, and a return to higher prices.   

The Technometer is near oversold at 39.3.

 

The long dollar ETF, UUP rallied strongly once again last week, on low volume.

We are looking for a top up here in the Dollar and a return to the downtrend of the last 8 months.  The Technometer is neutral, so we are not going to be short as of yet, but will be closely monitoring.

The Technometer is neutral at 43.3.

 

Bitcoin has been trading quietly trading sideways and underperforming growth stocks recently.     

We took a quick trade during the week and had minor profits. 

We are on the sidelines until the picture clears for us.  We still have what appears a successful “Backup” forming.

Technometer is neutral at 45.0.

 

Ethereum also spent the week trading sideways, on low volume. 

Same as Bitcoin, we took small profits, and are looking to buy back ETH in the coming days, when the picture clears.   

Technometer is near neutral at 41.9.

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Good Trading,

Todd Butterfield