Wyckoff Wave Met Resistance As Expected.
The Wyckoff Wave closed the week down sharply, on low volume. For the last week and a half, the Wave had met resistance at its…
Tag: spy
Wyckoff Wave Bumping Its Head On The Ice
The Wyckoff Wave closed the week only slightly higher, on low volume. We had expected the Wave to meet resistance at the previous support area,…
Wyckoff Wave Back To Resistance
The Wyckoff Wave closed the week sharply higher, on much lower volume. The Technometer is extreme overbought. We closed strongly higher Wednesday/Thursday/Friday to end the…
Wyckoff Wave Falling Thru Support
The Wyckoff Wave closed the week lower, after trading slightly higher early in the week to a near overbought Technometer. Volume was average on the…
We mentioned that the OP was leading the Wave last week with buying that wasn't raising prices. That divergence lead to the late week selling. They are now back to moving in lockstep.
WWN - The Wyckoff Wave New Index was only down slightly last week and trying to test its previous week low on slightly lower volume.
We had mentioned a rally here back to its previous ice level. That would still be what we are looking for here.
The Technometer is slightly above neutral with a reading of 45.7.
The Wyckoff Wave Growth Index also traded lower for the week on slightly lower volume.
On Tuesday the WWG Technometer returned to overbought as we warned, as marked in red. This reading also called the top two weeks ago after the FED talk. This lead to selling coming into the market once again, and driving us to new lows for the move.
We have the Technometer still near overbought so hard to see a sustained rally from these levels. We will need to see a more clear oversold reading, or for Tuesday's highs to be taken out to be bullish.
The Techometer is near overbought at 48.2.
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The GDX closed the week higher on low volume.
We was expecting some gains this week for the GDX which we got. But they action did not appear very bullish, with volume not following prices higher.
Even worse now the Technometer is back to overbought at a reading of 50.5
The long dollar ETF, UUP closed the week sharply lower on slightly higher volume.
We are on sidelines but want to be short. Let's see if last week's action is the start of a renewed downtrend, or only a pause in further rally attempts. With the oversold Technometer we want to see how a bounce from here looks.
The Technometer is oversold with a reading of 33.1.
Bitcoin traded sideways last week, showing some slight outperformance to the Nasdaq.
We are encouraged by this outperformance, but until we see stronger indications of a stock market rally, it is hard to see Bitcoin take off to the upside.
Our Technometer for Bitcoin is neutral with a reading of 43.7.
