The Wyckoff Wave Saw Increased Volume To The Upside To End The Week, But Appears We Could Work Sideways To Lower In The Coming Week.

The Wyckoff Wave traded sideways early in the week, then finished strongly higher, on an increase in volume.

We was wanting a little more weakness early in the week, to get our Technometer solidly oversold, but we didn’t get it.

We will quickly be back at resistance that has stopped the Wave this year, and our Technometer is overbought.  Let’s look for the rally to slow, and some selling to come in. 

The Technometer is overbought at 48.5.  

 

The Wave/OP are moving in unison.  

 

WWN – The Wyckoff Wave New Index also was sideways early in the week, then a stron rally to end the week, on average volume.  

Our Technometer did pick the low here, and we are still below neutral.  Would appear we can work higher towards the resistance at 1345.

Currently the Technometer is below neutral at 42.1. 

 

The Wyckoff Wave Growth Index once again rallied strongly, on average volume.

The WWG has not taken a rest from a strong rally in big name Tech.  We are at levels in the Technometer that historically pauses, or corrects an advance.

Currently the Techometer is extreme overbought at 55.3.  

 

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

We was watching the action closely for another low in the SPY, as our Technometer was oversold.   On Wednesday we registered a 36.5 at the low, and this lead to the strong rally to end the week.

Appears the SPY can continue higher as the Technometer is only at 42.3.   Let’s see how quickly it gets to overbought, if it does.

The Technometer is near neutral at 42.3.

 

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

We was looking for higher, and got it last week.   The issue is we stopped at previous support, which has now possibly turned in to resistance.   This is not bullish, and must be watched.  

The Technometer is near overbought at 49.2.

 

The Wyckoff Wave Metal Index rallied for the week as expected, on average volume. 

We got the rally started that we have been expecting.  We are nearing overbought, so the bulls will need this rally to hold with some sideways action, then further the gains.   The bears, will want to see a selloff to new lows.   We are long with stops at the recent low.

If the Dollar is topping as we expect, then metals should be able to continue to rally…..

The Technometer is near overbought at 49.3.

 

The long dollar ETF, UUP was basically sideways last week, on a increase in 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 now extreme overbought, so lets look for this market to meet resistance up here and rollover.

The Technometer is  extreme overbought at 60.7.

 

Bitcoin lost the gains of late last week, and then spent the week trading sideways once again, on extremely low volume.    

We have been on the sidelines, as we have been expecting lower, until the picture clears for us on a short term basis.

If you look at the daily chart it appear the “backup” could be complete. 

Our Technometer was overbought last week, but now it is nearing oversold.  This is constructive action, and appears we can be making a major low in this area.

Also note, that if the Dollar is topping as expected, then this should be helpful for Crypto to enter a “markup” phase.

Technometer is nearing oversold at 39.4.

 

Ethereum spent the week trading sideways, on low volume. 

Same as Bitcoin, it appears we are making a low and Technometer is nearing oversold.  

Technometer is near oversold at 40.8.

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Good Trading,

Todd Butterfield