Wyckoff Wave Still Trading Constructive…
The Wyckoff Wave traded higher for the week, on average volume.
We was looking at a possible “last point of support” ending, and was looking for a continuation of the rally. We did get this last week, and it appears we can still get more upside action in the weeks ahead.
Our Technometer is did register near overbought on Thursday, and backed off some Friday. We would like to see it back to neutral/oversold to allow us a solid rally.
Technometer is near neutral/overbought at a reading of 47.5.
The Wyckoff Wave touched a high Thursday while the OP lagged. This set us up for some short-term corrective action.
The Wyckoff Wave Growth Index ended the week up nicely, and volume was average.
The WWG index had a nice rally off of last’s week test of the low. We continue to stay bullish and look for higher price action. Technometer is neutral and will allow for higher prices before becoming overbought.
Technometer is now neutral with a reading of 44.9.
The SPY closed the week higher as well, on average volume.
We was wanting continued upside action here as well, and we got it. The SPY had a nice rally early in the week, and held its gains into the weekly close. We look for possible sideways in this area, then higher.
The Technometer is above neutral at a reading of 47.07.
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The bond market closed sharply lower for the week, against our thoughts. We would be on the lookout for a spring here, since we have an oversold Technometer. We are on the sidelines.
The Technometer is near oversold with a reading of 40.7.
The GDX closed the week higher, off of the weak dollar. Volume was much lower for the week.
The Technometer is overbought, but we are on the sidelines.
Technometer is near overbought with a reading of 49.
The long dollar ETF, UUP closed sharply lower on much higher volume.
We was looking for the Dollar to upthrust the highs, which it quickly did. The action looks bearish and we expect much lower from here.
The Technometer is near oversold with a reading of 40.14.
Bitcoin had a strong rally on Friday. We had been expecting Bitcoin to follow the Nasdaq higher, and Friday was kind of a catch up move. Sentiment has been too bearish, and we expect still higher.
You can see at the most recent low, the OP had went to new lows below the May-July lows. This is a bullish divergence, with sell pressure increasing while price holds a higher low.
In the Alt Coin area, we want to highlight ATOM. ATOM also just had a bullish divergence as marked with the blue arrows. At the same time it had an oversold Technometer as marked with green circle at bottom. We expect ATOM to be a strong coin on the heels of a Bitcoin rally.
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Good Trading,
Todd Butterfield
