The Wyckoff Wave Testing It’s Upthrust.

The Wyckoff Wave traded higher for the week, on low volume.

Last week we began the test of the recent upthrust.  Thus far it is on slightly lower volume, and the Technometer quickly back to overbought. 

Let’s look for a successful test, and lower prices next week.  

The Technometer is overbought at 51.5.  

 

The Wave/OP are moving in unison.  

 

WWN – The Wyckoff Wave New Index also traded higher last week, and has managed further rally into the previous resistance on low volume. 

Our Technometer cam eoff our overbought but still above neutral.  We still expect some correction here as well in the holiday shortened week ahead. 

Currently the Technometer is still near overbought at 45.9. 

 

The Wyckoff Wave Growth Index traded slightly higher, on continued average volume. 

Lets look for lower here as well, with a decline back to previous support at 1080.

Currently the Techometer is near neutral at 45.5.  

 

The SPY rallied nicely off of Monday’s oversold Technometer, on low volume. 

We was looking for a little lower, and an oversold Technometer, and we got that Monday.   We rallied nicely off that low, and anxious to see how we trade at the previous high at 444.

Here as well, we could see sideways/lower, and another buy setup. 

The Technometer is neutral at 44.3.

 

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

We did see some volatility late in the week, on an increase in volume.  The selloff and rebound has brought the Technomter back to near oversold, so it appears we could still try the upside again.  

We were stopped out of long positions for an approximate 2% gain.

The Technometer is near oversold at 41.5.

 

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

We appeared to have tested the low from five weeks ago, and traded nicely higher to end the week.   The Technometer is nearing overbought, so lets hope for some higher trade early this week, then a pullback with a more oversold Technometer to buy. 

The Technometer is near overbought at 49.1.

 

The long dollar ETF, UUP was up for the week as expected, on low volume.

The UUP traded sideways for the week, on extremely low volume.  We are looking for an intermediate term top at these levels, and a return to the downtrend of the last 8 months. 

The Technometer is still near oversold, but we are on the lookout for a top up in this area.

The Technometer is oversold at 37.8.

 

Bitcoin had traded sideways for the past week, on low volume.   

We are looking for a little more consolidation here, then continued strength higher.    

Technometer is near overbought at 46.7.

 

Ethereum also has traded sideways last week, on low volume. 

Same as Bitcoin, we would like to see a slight pullback to give us another good buy setup.

Technometer is near neutral at  45.0.

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Good Trading,

Todd Butterfield