The Wyckoff Wave Looking Like A Possible Test Of 63,000.

The Wyckoff Wave traded lower for the week as expected, on average low volume.

We have been talking about a selloff to the 63,000 area and that still appears in the cards. 

We should get an oversold Technometer on further selloff in the coming days, which we will then look for a low to form. 

The Technometer is just below neutral at at 41.9.  

 

The OP and Wave are moving lower in unison.

 

WWN – The Wyckoff Wave New Index was lower last week, on average volume. 

The resistance at 1440 turned us lower as expected.  Appears we can trade down to the 1370 level, and should find support once again.

Currently the Technometer is right at oversold at 38.5. 

 

The Wyckoff Wave Growth Index traded nicely lower for the week, on average volume. 

Let’s look for slightly lower here as well and a break of the 1040 level.  

Currently the Techometer is oversold at 38.2.  

 

The SPY finished the week sharply lower as expected, on slight increase in volume.

We was expecting weakness to the 433 level, which we got.  We think we could see a little follow thru selling early in the week, and then lets see if the oversold Technometer will usher in a strong bounce.      

The Technometer is oversold at 36.0.

 

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

We was looking for a bounce last week on stock weakness, but did not get it.  We are oversold here as well so we think some type of recovery rally will start from these levels.

The Technometer is deeply oversold at 33.5.

 

The Wyckoff Wave Metal Index was down for the week, on slight increase in volume from the prior week.   

Our Technometer as near overbought last week, and still is.  We think this market has found a bottom, and will observe how it trades early in the week.

The GDX was also down for the week, but its Technometer registered oversold on Thursday.

Let’s look for a low in the GDX early in the week, and continued upside progress.       

 

The long dollar ETF, UUP was  up once again for the week, continuing its rally on low volume.

We are above the previous six months resistance, but are not comfortable with a position here.   We will stay on the sidelines. 

The Technometer is neutral at 42.9.

 

Bitcoin’s continued to trade sideways in the last week, on low volume. 

We are still on the sidelines and looking for slightly lower in sympathy with stocks. 

Our Technometers are still near neutral, and we would like to see something closer to oversold to reenter positions.  

Technometer is below neutral at 42.2.

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

We are still on the sidelines looking for a low risk buy setup.  We sold $1,831, and looking for reentry.

Technometer is below neutral at 42.4.

 

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Good Trading,

Todd Butterfield