The Wyckoff Wave In The Midst Of A Correction.

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

It appears we are correcting for a backup to the previous creek.   We are not oversold, so lets look for continued lower this week

The Technometer is neutral at 45.0.  

 

The Wave and OP are in unison.  

 

WWN – The Wyckoff Wave New Index also was lower last week, on slight increase in volume.

Here as well, it looks like we could work lower this coming week to test the previous resistance level. 

Currently the Technometer is neutral at 43.9. 

 

The Wyckoff Wave Growth Index traded lower, on low volume. 

We will look for lower prices here in the coming week, and a break of the 1120 level which has held for the last month. 

Currently the Techometer is near neutral at 46.4.  

 

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

We had mentioned that sentiment seemed extreme, and we could use a pullback.   

Technometer is not oversold, and it appears we can work still lower in the coming week. 

The Technometer is near neutral at 42.8.

 

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

We had mentioned that short positions are elevated here, and last week started to look a little climatic.  We are not oversold on our Technometer, as we mentioned that the OP is not showing downside volume coming in.

So once again would like to be a buyer, but just to conflicting here as of right now.  We will observe closely this week.  

The Technometer is  neutral/overbought at 46.9.

 

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

We are looking for the metals to make a low here, but thus far price action has been lethargic.     

The Dollar appears vulnerable once again to us, so lets see if Metals can dig in here.

The Technometer is neutral at 44.7.

 

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

We are looking for the Dollar to turn lower from here.   

The Technometer is oversold at 35.4, so we will look for that to relieve itself before being short.

 

Bitcoin once again trading quiet and mostly sideways, on low volume.  

We are long slightly below these levels, and looking for some type of bounce. 

Stocks experienced a nice correction last week, while Bitcoin held its own, so we are encouraged by that.  If stocks can get a buy setup this week, Bitcoin could lead a rally.

Technometer is neutral/oversold at 41.2.

 

Ethereum also traded sideways last week, on low volume. 

We are long, and Bitcoin’s comments above, apply here as well.

Technometer is near neutral at 42.5

 

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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