The Wyckoff Wave Bumping Its Head On Resistance, Sideways To Lower In The Coming Week.

The Wyckoff Wave traded slightly higher for the week, on a slight decline in volume.

We are back at resistance that has stopped the Wave all year, and our Technometer is near overbought.  Let’s look for some selling to come in at these levels. 

The Technometer is near overbought at 48.0.  

The Wave/OP are moving in unison.  

WWN – The Wyckoff Wave New Index also worked slightly higher, on a slight decrease in volume.  

Our Technometer did pick the low here, and we are still below neutral.  Would appear we can work higher towards the resistance at 1345, but then expect a slight pullback.

Currently the Technometer is neutral at 44.9. 

The Wyckoff Wave Growth Index once again worked higher, on average volume.

We was expecting the rally to slow because of the extreme overbought Technometer, but it has not happened.

Currently the Techometer is back to neutral at 44.1.  

The SPY was up ever so slightly for the week, on slightly lower volume.

The SPY is not getting overbought but the rally has slowed.   We would still like to see a constructive pullback to buy.

The Technometer is neutral at 44.5.

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

We did meet resistance at previous support at the 103 level as shown by the dotted line.  Last weeks pullback was constructive, as we held higher levels and our Technometer is back to oversold.  Lets look for another assault at 103.  

The Technometer is oversold at 36.1.

The Wyckoff Wave Metal Index was also flat for the week, on low volume. 

The index has worked sideways and the Technometer has came back to neutral.  All positive action for the bulls.   Lets see if we can return to upside progress this week. 

The Technometer is neutral at 43.8.

The long dollar ETF, UUP was also flat for the week, on extremely low volume.

We are looking for a top up here in the Dollar and a return to the downtrend of the last 8 months. 

The Technometer has returned to near oversold, so lets see if we can rally slightly higher this week, before we turn down in earnest.

The Technometer is near oversold at 38.8.

Bitcoin had a sharp selloff early last week, recovered it, then revisited it again yesterday. 

We still think a major low is being made here.  We will look to rebuy after scratching a trade last week.    

Technometer is near oversold at 39.3.

Ethereum spent last week trading lower, on low volume. 

Same as Bitcoin, it appears we are making a low and Technometer is back to oversold.  

Technometer is oversold at 36.6.

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Good Trading,

Todd Butterfield