The Wyckoff Wave Overbought, Still Looking For Possible Test To 63,000.

The Wyckoff Wave traded sideways for the week, on slight increase in volume due to expiration.

We was looking for lower, and still the same for the coming week.  The Technometer is overbought fially so lets look for a rollover this week.

Let’s look for stocks that are holding up and looking good for purchase on next buy signal.

The Technometer is overbought at 49.7.  

 

The OP was making new highs last week, while price was not, which took our Technometer to overbought.

 

WWN – The Wyckoff Wave New Index was higher last week, on slight increases in volume. 

We are up against resistance, so let’s look for lower this week.

Currently the Technometer is overbought at 49.8. 

 

The Wyckoff Wave Growth Index traded slightly lower for the week, on slight increase in volume. 

Let’s look for further weakness this coming week.  

Currently the Techometer is neutral at 43.8.  

 

The SPY also finished the week lower, on slight increase in volume.

We will work for further weakness here targeting the 433 low.     

The Technometer is neutral at 46.2.

 

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The bond market as shown by the TLT, was down for the week, on average volume.

We was looking for a bounce last week, and did not get it.  We still think as stocks fall, bonds could still try to bounce.

The Technometer is nearing oversold at 40.9.

 

The Wyckoff Wave Metal Index was up nicely for the week, on low volume, but increase on Friday per all markets.   

We are nearing overbought on the Technometer here, but we think we will continue to try to trend higher.   Looking forward to next oversold Technometer to add to long positions.

The GDX also rallied as expected, and Technometer is neutral.   Let’s look for continued upside from the GDX.       

 

The long dollar ETF, UUP was  up once again for the week, continuing its rally on low volume.

We are above the previous six months resistance, but are not comfortable with a position here.   We will stay on the sidelines. 

The Technometer is oversold at 38.4.

 

Bitcoin’s fell Monday, and spent the rest of the week trying to rally.  Volume continues to be low here. 

We are still on the sidelines and looking for lower in sympathy with stocks. 

Our Technometers are still near neutral, and we would like to see something closer to oversold to reenter positions.  

Technometer is neutral at 44.1.

.

 

Ethereum price action was the same as Bitcoin.  

We are still on the sidelines looking for a low risk buy setup.  We sold $1,831, and looking for reentry.

Technometer is above neutral at 46.7.

 

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Good Trading,

Todd Butterfield