The Wyckoff Wave finished the week higher once again as called for on average volume.
We was looking for a little higher this week, and an overbought Technomoter on our indices. We did get that late in the week, and we are now looking for a short term pullback to correct the recent gains.
The Technometer is overbought at 50.4.
The Wave/OP are moving in unison to the upside.
WWN – The Wyckoff Wave New Index also closed higher on average volume.
We got overbought on Wednesday, and look for lower in the week ahead.
Currently the Technometer is overbought at 49.4.
The Wyckoff Wave Growth Index closed nicely slightly higher last week, on average volume.
We got overbought here as well on Wednesday, and look for a short term pullback.
Currently the Techometer is overbought at 50.4.
The SPY was up on the week, on average volume.
We was wanting a little higher here as well last week, and got it. We finally registered overbought at Friday’s close on the Technometer, so we are now looking for some type of pullback this week.
The Technometer is overbought at 50.7.
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The bond market was up for the week as expected, on average volume.
We wanted a little strength early in the week, and then a short term top. We think we trade lower this week.
The Technometer is overbought at 51.9.
The Wyckoff Wave Metal Index traded higher for the week, on average volume.
We traded higher and our Technometer has moved down near oversold. We will stay on the sidelines, but expect some type of correction of the recent advance.
The Technometer is 42.5.
The long dollar ETF, UUP traded fresh new lows for the recent downtrend, on low volume.
We have been looking for a low down in this area recently, which we have not gotten. The Technometer is overbought so it appears we have a little lower this week before we can call some type of tradable low.
The Technometer is overbought with a reading of 50.3.
Bitcoin was sharply higher for the week on a nice increase in volume.
We was looking for Bitcoin to trade higher last week, and it did so with a vengeance. Our Technometer is just now getting near overbought, so this rally could slow at previous resistance. Any constructive pullback could be nice area to add to long term positions.
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We just now registered overbought on our Technometer, so we will probably be taking short term profits soon, and look to repurchase on a constructive pullback as shown on chart.
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