The Wyckoff Wave closed last week higher, on slight increase in volume.
We was expecting a slight pullback into the FED speak, which we got. After the FED meeting stocks began a nice rally to end the week right back at our previous ice level. We are not overbought on our Technometer so we expect we will try to continue higher, and hopefully we can reenter the trading range.
The Technometer is above neutral at 46.7.
The OP was weaker heading into the FED meeting, which gave us a bullish divergence (new low OP while the Wave did not). It is now back more in lockstep with the Wave.
WWN – The Wyckoff Wave New Index also closed nicely higher for the week on average low volume.
Selling did not come in early in the week, then we turned back higher, and working our way back above the shown ice level. The price action is constructive, and our Technometer is no where near overbought. Appears we can continue to work higher.
The Technometer is below neutral at 42.5.
The Wyckoff Wave Growth Index continued its recent uptrend on low volume.
The Growth index continues to make higher highs and higher lows. This is bullish price action and our Technometer is neutral. We look for higher.
Currently the Techometer is neutral at 45.4.
The SPY closed the week higher on low volume.
The SPY backed up to previous short term resistance Wednesday, and smartly turned higher. Technometer is not overbought so we look for higher here as well.
We are neutral/overbought at 47.0 on the Technometer.
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The bond market closed slightly lower for the week on average low volume.
The TLT has back and filled at the previous short term resistance as shown by the trading range. The Technometer has managed to work back near oversold, so we think this market will take another opportunity to jump the resistance.
The Technometer is approaching oversold at 41.7.
The GDX traded the week slightly higher, on low volume.
This market is still probing for a low, but no strong indications that is occurring as of yet. Technometer is overbought so probably not a strong rally out of here as of yet. We look for higher though.
Technometer is overbought at 51.7.
The Wyckoff Wave Metal Index is trying to break its downtrend and work higher.
The Technometer is more friendly here at 42.7, so we look for higher.
The long dollar ETF, UUP closed the week lower on slight increase in volume.
We think this market could have topped, and will be looking for a short entry, but for now it is oversold.
The Technometer is oversold with a reading of 33.1.
Bitcoin followed stocks higher for the week as expected.
Middle of the week the Technometer for Bitcoin got below 42, and that was enough to allow us to turn higher. We are now nearing overbought. We look for still higher but some possible backing and filling soon.
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