The Wyckoff Wave finished the week higher, on average volume. We were looking for lower last week and we continued slightly higher. We still think…
The Wyckoff Wave closed higher every day last week as expected, on low holiday volume.
It appears we can still work higher in the coming week, before the expected correction.
The Technometer is currently at 46.1.
The Wave is leading the OP which has allowed the wave to not get quickly overbought.
WWN - The Wyckoff Wave New Index closed slightly higher, on low volume.
We still look for more strength as the Technometer is neutral.
Currently the Technometer is neutral at 45.1.
The Wyckoff Wave Growth Index was almost unchanged for the week, on low volume.
Growth stocks are still underperforming here, but we think this market could still try higher before a deeper correction.
Currently the Techometer is neutral at 44.3.
The SPY was slightly higher for the week, on low volume.
We are overbought on the SPY Technometer, so we could still see slightly higher, before some sideways to lower.
The Technometer is overbought at 51.3.
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The bond market was also higher for the week, on low holiday volume.
Technometer is still overbought at 50.3, so lets look for a small pullback.
The Wyckoff Wave Metal Index was higher again as expected, on much lower volume.
We are indifferent on the metals market here. Let's see the price action early this week.
The Technometer is neutral/overbought at 47.0.
The long dollar ETF, UUP was down slightly, on low volume.
We have been looking for lower, but with the Technometer nearing oversold, lets look for a possible short term low early in the week, and a slight rally to correct the recent decline.
The Technometer is near oversold with a reading of 38.3.
Bitcoin did test the low at $15,500 early in the week, and turned higher.
We look for slightly higher here as well, and will observe the Technometer to see when it registers overbought.
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