The Wyckoff Wave Holding Near The Top Of Its Trading Range.

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

We was looking for a successful test of the upthrust, because of the divergence between price/volume, and the overbought Technomter.   The expected result would to have seen increased volume come into the downside once the test was complete.

The problem is we had only minor selling on no increase in volume, and our Technometer is quickly back to 43.1.

Let’s watch closely early in the week, as if we get oversold, it would give the go ahead to enter long positions.  

The Technometer is slightly below neutral at 43.1.  

 

The Wave/OP are moving in unison.  

 

WWN – The Wyckoff Wave New Index also traded slightly lower last week, and respected the resistance at the top of the recent range., 

Our Technometer is quickly moving to near oversold, so it appears we will take another stab next week at the resistance. 

Currently the Technometer is still near oversold at 40.7. 

 

The Wyckoff Wave Growth Index traded basically unchanged, on lower volume. 

We was wanting a decline back to previous support at 1080, but not sure we can reach that low.   Lets look for a little lower early in the week, and then be prepared for another short term low. 

Currently the Techometer is neutral at 44.4.  

 

The SPY was also down slightly for the week on low volume. 

We expected the resistance at 444 to hold us last week and it did.   Now we are working only slightly lower, and our trusted Technometer on the SPY is nearing oversold again.

Lets watch early in the week for an oversold Technometer and another opportunity to rally. 

The Technometer is nearing oversold at 40.4.

 

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The bond market as shown by the TLT, was down sharply for the week, on an increase in volume.

Much more selling came into the TLT then we expected, but luckily we had stopped our positions for a gain, and looking to reenter.

We now have our Technometer oversold as seen by the dotted green line.  I would expect some type of solid bounce here, then we will look at the test.  

The Technometer is oversold at 36.3.

 

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

We are looking to be long the metals market, but looking for a good buy setup.  So far we have not gotten it.

But we keep trying to break the recent lows at 2420ish, and keep rallying back.  I think a low is being made, and we expect the Dollar to turn sharply lower soon, and propel metals higher.  

The Technometer is near neutral at 45.6.

 

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

Last week it appears we tested the top of the range again, and headed to the bottom. 

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 near oversold at 39.3.

 

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

Bitcoin has held its recent gains from 25,000 and acting very bullish on the recent consolidation. 

We are looking for a slightly lower here, then continued strength higher.  The Technometer has came off of overbought and now near oversold.  We expect a low this week.  

Technometer is now near oversold at 40.8.

 

Ethereum also has traded slightly lower 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 very near oversold at 38.9.

 

Our WWCI Index is once again oversold….

 

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If you are interested in Wyckoff stock chart analysis as well as Cryptocurrency, search “Learn Crypto / Wyckoff SMI” or click this link https://www.youtube.com/channel/UCDxK2PwEDvoaHZgjPV_WgcA Please subscribe and click the bell to be notified of our upcoming broadcasts.

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Good Trading,

Todd Butterfield