The Wyckoff Wave Looks Bearish On A Little Further Rally.

The Wyckoff Wave finished the week slightly higher, on low holiday volume.

We had our Technometer around neutral and was hoping for lower prices last week.  Instead we rallied on low volume and this has taken our Technometer back near overbought.   Any rally this week should get us solidly overbought, and we will be looking for another pullback.  

The Technometer is nearing overbought at 48.0.  

The Wave is weaker then the OP which is taking the Technometer to overbought quicker.   

WWN – The Wyckoff Wave New Index also closed slightly higher on low volume. 

Here as well the Technometer is near overbought, and will get us looking for a pullback soon.

Currently the Technometer is at overbought at 49.9. 

The Wyckoff Wave Growth Index closed slightly lower last week, on average volume.  

We are near oversold here due to the persistent weakness in the price of growth stocks.  With our other index’s near overbought, we will not recommend buying growth stocks at this time.  

Currently the Techometer is near neutral/oversold at 40.9.  

The SPY was up ever so slightly for the week, on low holiday volume. 

Same as the above indices, a little higher this week, and we will be overbought and looking for a pullback of some sort. 

The Technometer is near overbought at 49.1.

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The bond market was down for the week as expected on low volume.

The Technometer was neutral now we are oversold.  Looks look for the TLT to hold in this region and try the upside again. 

The Technometer is oversold at 38.

The Wyckoff Wave Metal Index was slightly higher, on low volume.

Technometer was oversold and we was looking for support and a rally.   Now we are nearing overbought again, so  lets look for some backing and filling this week.  

The Technometer is nearing overbought at 47.4.

The long dollar ETF, UUP was down slightly, on low volume.

Our Technometer is extreme oversold, as we had a new low in the volume (OP), while price has held.   Let’s look for higher in the week ahead. 

The Technometer is extreme oversold with a reading of 32.8.

Bitcoin started the week higher on Monday, and has been basically sideways ever since.

We was wanting an oversold Technometer early in the week but we never got below a reading of 40.   We did bounce as expected and the Technometer is back to neutral.   

Let’s look for a little higher, and then an overbought Technometer to warn us of a pullback once again.    

Our Technometer for Bitcoin is neutral at 45.2. 

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Good Trading,

Todd Butterfield