Wyckoff Wave Oversold, Can We Now Rally?

The Wyckoff Wave traded slightly lower for the week, on slightly lower volume.

We was looking for more upside action off of the “last point of support”, but no harm to the price action as of yet.

With last week’s selloff we have the Technometer right at oversold, which is what we have been waiting for.  Therefore, we will be on the lookout for a return to upside price action.

Technometer is nearing oversold at a reading of 39.10.

The OP is leading the action to the downside which is what is making our Technometer move to oversold.  Would like to continue to see negative volume here early Monday, while price holds.  This will give us a solid oversold reading.

The Wyckoff Wave Growth Index was trading higher for the week, before ending the week on a sour note again due to news out of Russia.  Volume was slightly lower as well again.

The WWG index continues to test the previous lows, with the OP hitting a new low, while price has held.   We continue to stay bullish and look for higher price action.

Technometer is near oversold with a reading of 39.81.  It reached oversold on Thursday.

The SPY closed the week lower as well, on average volume.

We was looking for sideways here, and then higher.  The news on Russia brought in selling again to end the week. We still think the markets are trading constructive and can continue higher after this test of previous lows.  Here as well, we have the OP hitting a new low while price holds higher.

The Technometer is near oversold at a reading of 39.97, after reaching oversold on Thursday.

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The bond market closed flat for the week, after falling early in the week, and finishing the week on a rally.  We was on the lookout for a spring and a test, and last week’s action fits that.  We look for higher in the coming week for the TLT, and would like to see volume come into the upside here. 

The Technometer is near neutral with a reading of 42.82.

The GDX closed the week higher once again.  Volume was higher on the rally.

We think Precious Metals can continue to  rally in the face of a weak Dollar.

Technometer is near overbought with a reading of 46.94.

The long dollar ETF, UUP closed flat for the week on low volume.

The action still looks like a corrective rally of the upthrust decline, and we will turn lower once again.  We are bearish the Dollar. 

The Technometer is near oversold with a reading of 39.00.

Bitcoin also was down for the week in sympathy with the Nasdaq, as both are “risk-on” assets.   

Also here, we have some bullish divergences as shown by pink, as well as the larger one in blue.  OP hitting new lows, while price holds higher.  This is bullish action. 

We also registered an oversold Technometer for Bitcoin.  We look for higher price action.

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Good Trading,

Todd Butterfield