The Wyckoff Wave Continued Higher Once Again For The Week.

The Wyckoff Wave traded higher for the week once again, on lower volume then the week before.

We were looking for a pullback soon, but so far not getting a sell signal.  The SPY has given reliable signals, so will continue to watch that indice closely.   

The Technometer is slightly above neutral at 45.8.  

 

Not much to add between the Wave and OP.  

 

WWN – The Wyckoff Wave New Index also continued slightly higher last week, on average low volume.

Our Technometer was near oversold last week, and now back to neutral.   We will be watching this for something closer to overbought this week. 

Currently the Technometer is neutral at 43.9. 

 

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

Our Technometer was overbought Thursday, so we will look for lower prices here in the coming week. 

Currently the Techometer is near overbought at 49.3.  

 

The SPY also finished the week slightly higher, on average low volume.

We was looking for the SPY to find a low last week, and we did.   Although the response thus far does not seem that bullish.   

We would like to see the Technometer closer to overbought to call for a correction here.

Sentiment seems over extended here on stocks, so we will be looking for a pullback shortly. 

The Technometer is near neutral at 42.0.

 

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

We called for the TLT to test the low at 99, and we got that quickly.   The Technometer got down to approximately 41 on Thursday’s smash, but quickly back to overbought.

You can see that the OP, did not correct last week and making new recovery highs, thus the overbought Technometer.

I do know that short positions in Treasuries is very high, so I would think a short squeeze is coming soon….  I would like to be long, so will be looking for that opportunity.  

The Technometer is overbought at 51.0.

 

The Wyckoff Wave Metal Index was up over so slightly, on low volume.   

We are looking for the metals to make a low here, and last week could have been a successful test of the previous weeks “spring”.   

The Dollar bounced last week, and should rollover again soon.

The Technometer is neutral at 43.7.

 

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

We are looking for the Dollar to turn lower this week.   

The Technometer is neutral at 42.7.

 

Bitcoin traded below $29,000 last week as we had been calling for, on low volume.  

We are still looking for a better buy setup on Bitcoin here.  Technometer is neutral so currently we are on the sidelines still.  Not happy with Bitcoin not following stocks higher in recent weeks.  Making us pause…..

Technometer is neutral at 43.3.

 

Ethereum has traded slightly lower in the last week, on low volume. 

Same as Bitcoin, we would like to see a better setup to buy.

Technometer is nearing overbought at 47.5

 

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Good Trading,

Todd Butterfield