Wyckoff Wave At The Lows, Still Waiting For Buying To Appear.
The Wyckoff Wave closed slightly lower to continue the recent downtrend, on average volume.
We were hoping for a test of the lows last week, but instead our Technometer never got clearly oversold and gave us confidence we could be making a low. We are still on the sidelines, but early in the week we could make a tradeable low.
Last week saw a large amount of put options that were needing to be hedged into Friday expiration, which kept pressure on the markets. Let’s see how we act early in the week with those off the table now.
The Technometer is nearing oversold at 40.2.
The Wave and OP are moving lower in unison.
WWN – The Wyckoff Wave New Index also closed lower again for the week, on a slight increase in volume.
We were wanting our Technometers to get closer to oversold all week, but that never occurred until Friday’s close. We are right at the June lows, so lets see how we trade early in the week, but we could get a solid bounce from here.
Currently the Technometer is near oversold at 38.4.
The Wyckoff Wave Growth Index was down ever so slight for the week, on a slight increase in volume.
We had an over sold Technometer here on Tuesday, which did slow the decline. Currently we are near oversold and should achieve that with any lower price action early in the week. Let’s look for the WWG to put in a low in this vicinity as well, and a successful test of the June lows.
Currently the Techometer is nearing oversold at 40.3.
The SPY was mostly sideways for the week until Friday’s selloff into option expiration, with a slight increase in volume.
We were expecting some selling early in the week, then an oversold Technometer. The Technometer never did give us a solid oversold so we have stayed on the sidelines. Any selling early in the week, should give us an oversold Technometer, and a possibility of a rally or at minimum a bounce.
The Technometer is nearing oversold at 39.8.
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The bond market continues the selling of the last two months, on an increase in volume.
We were standing aside, and observing for a possible low in the near term.
Technometer is near oversold at 40.0.
The GDX traded lower Monday, then spent the rest of the week rallying on an increase in volume.
GDX rallied off an oversold Technometer early in the week, and now quickly back to overbought. We still believe precious metals are trying to make a meaningful low, so we would like to see some backing and filling, and the Technometer to come off of overbought. We would then use that as an opportunity to buy.
Technometer is near overbought at 49.9.
The Wyckoff Wave Metal Index is in the same position as GDX.
The Technometer is overbought at 49.3.
The long dollar ETF, UUP was down slightly, on an increase in volume.
Monday/Tuesday the dollar traded new highs as expected, then selling came in to end the week. We are still looking for signs of a top, but for now still on the sidelines.
The Technometer is near neutral with a reading of 43.0.
Bitcoin traded the week slightly higher, on average volume.
Once again Bitcoin is outperforming stocks to the upside. As stocks continued lower, Bitcoin continues to try and hold its ground. Here as well we have been on the lookout for an oversold Technometer, to tell us possibly the selling will end. We have just not received that as of yet.
Our Technometer for Bitcoin is neutral at 43.2. 
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Good Trading,
Todd Butterfield
