Wyckoff Wave Pulled Back As Expected, And Rallied Strongly Off An Oversold Technometer.

The Wyckoff Wave finished the week slightly lower after rallying strongly on Friday, on average volume.

We as looking for lower last week, which we got into a nice oversold Technometer reading on Thursday which we used to enter some positions.

The Technometer is oversold at 38.9.  

 

The OP/Price are moving in unison. 

 

WWN – The Wyckoff Wave New Index also traded slightly lower for the week, after a strong rally Friday, on a slight increase in volume.  

We did not get as oversold on the WWN into Thursday, but still experienced a sharp snap back rally on Friday.   

Currently the Technometer is near neutral at 43.3. 

 

The Wyckoff Wave Growth Index was flat for the week, on average volume.

We did not get much selling here, so Technometer did not register oversold.  But it looks higher here as well in the coming week.

Currently the Techometer is below neutral at 42.0.  

 

The SPY also fell early in the week, but the strong rally on Friday cut the SPY losses to minimal, on average volume.

We was looking for lower here to start the week, which we got.  But the deeply oversold Technometer on Thursday warned us of a spring of last week’s low, and an attempt to rally.  We look for higher.

*If last week’s lows break on any of the above Indices, we would take that as extremely bearish.  

The Technometer is oversold at 38.5.

 

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The bond market as shown by the TLT, traded lower last week, on an increase in volume.

We was looking for lower prices last week, and we expect the same in the coming week.   

The Technometer is overbought at 52.1.

 

The Wyckoff Wave Metal Index was up slightly for the week, on low volume. 

The OP continues to make new highs for the move, while price has not.   We now have an overbought Technometer so we look for lower in the coming week.    

The Technometer is near overbought at 52.3.

 

The long dollar ETF, UUP was lower last week, on a increase in volume from extremely low levels.

We have been expecting the Dollar to bounce from these levels, before moving lower once again.

We have new lows in the OP, while Price has held higher.  We also now have a near oversold Technometer.

Let’s look for higher in the coming week. 

The Technometer is nearing oversold at 39.7.

 

Bitcoin is down slightly in the last week, on extremely low volume.   

We spoke of a low risk buying opportunity into our labeled BackUp, to give us another buying opportunity.  

We would expect Bitcoin to follow stocks higher in the coming week. 

We did not get an oversold Technometer here as price has held up very well. 

Technometer is neutral here at 43.1.

 

Ethereum was up slightly last week, on low volume. 

We bought ETH Thursday and sold Saturday for a slight loss.  We are looking to buy once again this week, and looking for a return to higher prices.    

Technometer is neutral at 45.7.

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Good Trading,

Todd Butterfield