The Wyckoff Wave Looks Lower After Friday’s Reversal To The Downside.

The Wyckoff Wave traded higher for the week on average volume, then reversed lower on Friday, on an increase in volume.

We are upthrusting 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 48.4.  

 

The Wave/OP are moving in unison.  

 

WWN – The Wyckoff Wave New Index also worked higher and reversed Friday, on the same volume profile as the Wave. 

Our Technometer did pick the low here when it was oversold, now we are finally overbought. 

We are at the resistance we have spoke about, so lets look for some selling at these levels.  

Currently the Technometer is overbought at 51.8. 

 

The Wyckoff Wave Growth Index traded the same as the above indices.

Lets look for lower in the coming week here as well.

Currently the Techometer is overbought at 52.2.  

 

The SPY was strong for the week, but also reversed on Friday.  Volume increased throughout the week.

The SPY’s Technometer became overbought on Wednesday, and is still at those levels.

Let’s look for a correction here as well in the coming week.

The Technometer is overbought at 50.9.

 

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

We was looking for another assault at 103 which we got on Thursday.   It still appears we can try to work through that resistance early in the week.  

If you are long, we would use a protective sell stop at $101 now.

The Technometer is near overbought at 47.0.

 

The Wyckoff Wave Metal Index was also up slightly for the week, on low volume.  Friday did see some volume come in to the market. 

We still look for higher here, and see if we can break through the previous resistance that has held us back the last two weeks. 

The Technometer is near overbought at 48.3.

 

The long dollar ETF, UUP was down sharply for the week, on low volume.

The UUP has followed our idea for a sideways triangle before heading sharply lower once again.  We are looking for an intermediate term top at these levels, and a return to the downtrend of the last 8 months. 

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

The Technometer is oversold at 37.2.

 

Bitcoin is up slightly over the last week, on low volume.  

We are still looking for a completed backup here, but short term our Technometer is quickly moving up to overbought.   Would like to see a slight pullback with stocks, and a return to oversold.    

Technometer is near overbought at 48.5.

 

Ethereum spent last week trading lower, then recovering to unchanged for the week, on low volume. 

Same as Bitcoin, we would like to see a slight pullback to buy.

Technometer is above neutral at 45.7.

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Good Trading,

Todd Butterfield