The Wyckoff Wave Corrected As Expected. We Ready To Turn Higher?

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The Wyckoff Wave closed slightly higher for the week, on low volume. 

We was wanting some sideways to lower price action last week, which we got, then a higher close for the week on Friday.  We did have the Technometer come off of overbought quickly early in the week.   We like the action and would like to see some more corrective action and an oversold Technometer.  

The Technometer is neutral at 44.2.  

WW 1D 2022.11.06 4 10 56 PM LearnCrypto Powered By Wyckoff SMI 2022

 

The Wave is leading the rally versus the OP.   This could give us a slight more pullback this week. 

WW 5M 2022.11.06 4 13 42 PM LearnCrypto Powered By Wyckoff SMI 2022

 

WWN – The Wyckoff Wave New Index closed slightly lower for the week, on a increase in volume.   

We was expecting some sideways/lower in the index which we got.   We now have a neutral reading on our Technometer, so lets look for continued lower early in the week to give us a better buy setup.  

Currently the Technometer is neutral at 44.1. 

WWN 1D 2022.11.06 4 14 10 PM LearnCrypto Powered By Wyckoff SMI 2022

 

The Wyckoff Wave Growth Index was down sharply for the week, on an increase in volume.  

We was expecting lower last week which would get us an oversold Technometer.  The problem is it came on an increase in volume, and an increase in price spread.  The major underperformance of this index, makes us sit on the sidelines slightly longer, even thought we are oversold. 

Currently the Techometer is deeply oversold at 35.8.  

WWG 1D 2022.11.06 4 15 46 PM LearnCrypto Powered By Wyckoff SMI 2022

 

The SPY was down for the week, on slightly higher volume. 

We did trade slightly higher early in the week, and the selloff to end the week as expected.   We also got our Technometer down to near oversold.   This index looks much better than the Technology heavy indexes.  Let’s look for slightly lower early in the week, then a return to higher prices.  

The Technometer is at oversold at 38.7.  

SPY 1D 2022.11.06 4 16 13 PM LearnCrypto Powered By Wyckoff SMI 2022

 

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The bond market spent the week in correction mode as we called for.   The overbought Technometer is back near oversold.  So let’s look for this to be a test of the previous low, and another rally attempt. 

Technometer is near oversold at 39.9.

TLT 1D 2022.11.06 4 16 36 PM LearnCrypto Powered By Wyckoff SMI 2022

 

The Wyckoff Wave Metal Index was flat for the week on an increase in volume.  Thursday’s low looks important, and I would expect higher prices with this low as a protective sell stop.  

The Technometer is neutral/overbought at 47.4.

WWM 1D 2022.11.06 4 16 58 PM LearnCrypto Powered By Wyckoff SMI 2022

 

The long dollar ETF, UUP was slightly higher, on average volume.

Let’s look for continuing lower.

The Technometer is neutral with a reading of 45.0.

UUP 1D 2022.11.06 4 17 37 PM LearnCrypto Powered By Wyckoff SMI 2022

 

Bitcoin was up nicely for the week, on average volume.  

Bitcoin showed some outpeformance versus growth  stocks, which was impressive.  We are not getting a low risk buy setup from our Technometer.  But we think stocks will find a low this week, and we expect Bitcoin to continue to probe the upside.   

Our Technometer for Bitcoin is neutral at 45.8.  BTC USD C 1D 2022.05.15 3 34 10 PM LearnCrypto Powered By Wyckoff SMI 2022

BTC USD C 1D 2022.11.06 4 27 32 PM LearnCrypto Powered By Wyckoff SMI 2022

 

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Good Trading,

Todd Butterfield

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