The Wyckoff Wave Could Continue Trading Sideways/Lower In The Week Ahead.

The Wyckoff Wave finished the week lower as expected, on average volume.

We was expecting sideways/lower last week, and could see more of that this coming week.

The Technometer is neutral at 43.7.  

 

The Wave/OP are moving in lockstep.  

 

WWN – The Wyckoff Wave New Index also spent the week trading lower, on average low volume.  

Here we actually got oversold on Thursday before Friday’s strong bounce.   This market would appear to be trying to establish a low in this area.

Currently the Technometer is oversold at 38.9. 

 

The Wyckoff Wave Growth Index was sideways for the week before Friday’s strong gain, on average volume.

The WWG consolidated for a couple days then continued higher.  Our Technometer is now back to overbought so lets look for some consolidation once again.

Currently the Techometer is overbought at 50.8.  

 

The SPY was up slightly for the week, on average volume.

We was looking for lower to relieve the overbought Technometer which we got into Thursday mornings low.  We then got near oversold which lead to the quick rally right back to the highs.

This market looks like it wants to continue higher so lets watch the action closely the next couple days.  

The Technometer is near oversold at 38.9.

 

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The bond market as shown by the TLT, was flat for the week, on average volume.

We was expecting slightly lower early in the week, then support to come in.  So far, that is exactly what has occurred.   Lets look for higher this week.  

The Technometer is nearing neutral at 42.8.

 

The Wyckoff Wave Metal Index was down sharply for the week, on average low volume, once again. 

We have been expecting support to come in this market, and a return to higher prices.  Thus far, this has not happened.  We are still near oversold, so lets look for an attempt to rally this week.   

The Technometer is near oversold at 40.2.

 

The long dollar ETF, UUP rallied strongly once again last week, on low volume.

We are looking for a top up here in the Dollar and a return to the downtrend of the last 8 months.  The Technometer is now overbought, so lets look for this market to meet resistance up here and turn lower once again.

The Technometer is overbought at 50.0.

 

Bitcoin spent the early part of the week trying lower, then reversing higher to end the week, on extremely low volume.    

We have been on the sidelines until the picture clears for us on a short term basis.

If you look at the daily chart it appear the “backup” could be complete, but our Technometer is back to near overbought which could mean we need a little more short term selling to come in for our final low.

Technometer is nearing overbought at 48.3.

 

Ethereum also spent the week trading lower then higher, on low volume. 

Same as Bitcoin, it appears we could pullback short term still, and make our final low.  

Technometer is near overbought at 48.9.

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Good Trading,

Todd Butterfield