The Wyckoff Wave Still Looks Lower Short Term.

The Wyckoff Wave finished the week only slightly higher, on much lower volume.

We are still expecting lower in the coming week, and hopefully we can get closer to an oversold reading on our Technometer if it happens.

The Technometer is neutral at 44.7.  

 

The OP/Wave are moving in lock step.

 

WWN – The Wyckoff Wave New Index was also slightly higher, on much lower volume.

It appears we could see some more downside in the coming week. 

Currently the Technometer is near neutral at 45.1. 

 

The Wyckoff Wave Growth Index continues higher for the week, on much lower volume.

We still could see a pullback here as well to test the recent low. 

Currently the Techometer is neutral at 45.0.  

 

The SPY also rallied slightly higher last week, on much lower volume.

We would like to see further correction here as well, and a lower Technometer to give us confidence in a test of the recent lows.      

The Technometer is neutral at 45.0.

 

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The bond market as shown by the TLT, traded sideways for the week, on much lower volume but with volatility.

The Technometer was oversold here, and now we are back to overbought.   Let’s expect some downside this week because of that, which could pressure growth stocks somewhat.

The Technometer is overbought at 51.0.

 

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

We was expecting sideways to higher here, so lets continue to look for that.  

The Technometer is neutral at 43.4.

 

The long dollar ETF, UUP was down for the week, on low volume. 

We look for the Dollar to continue lower, after a little higher this week. 

The Technometer is neutral/oversold at 41.2.

 

Our Wyckoff Wave Crypto Index (WWCI), was up only slightly last week, on average volume.

We have been thinking still  higher, but a slight pullback could still occur, but looks like it would be another opportunity to buy.

Our Technometer is neutral at 44.4. 

 

Bitcoin traded sideways in a narrow range last week, which is impressive considering the rally we have had thus far in 2023.    

The Technometer has came back to near oversold, so any selloff should be another buying opportunity.      

Our Technometer for Bitcoin is nearing oversold at 41.3. 

 

Ethereum has also traded sideways, on lower volume. 

We took profits here once again last week, but will be looking to reenter on a low risk buy setup.    

Technometer is near neutral at 43.1.

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Good Trading,

Todd Butterfield