The Wyckoff Wave Pulling Back To Previous Resistance And Near Oversold.

The Wyckoff Wave finished the week lower, on a sharp increase in volume.

Last week we was wanting a continuation of the rally, before an overbought Technometer.

Instead, the rally lost steam Monday, and was met with sharp selling.   With the news of bank failures swirling it was to be expected. 

We are now back to a level that was previous resistance  and our Technometer is close to oversold, so this is a logical place to see demand come in.

The Technometer is near oversold at 39.4.  

 

The OP/Wave are moving in lock step to the downside.

 

WWN – The Wyckoff Wave New Index also closed lower, on a slight increase in volume. 

We expected the upside to be limited on this index, as the Technometer registered overbought on Monday’s close.   This turned us lower for the rest of the week.

We are now at 42, but will be at oversold early in the week with any sell pressure. 

We are also back at a previous support level, so logical place to once again find support.

Currently the Technometer is neutral/oversold at 42.1. 

 

The Wyckoff Wave Growth Index was also lower on somewhat average low volume.  

We expected this market to get overbought quickly as well.  We are now nearing oversold, and the correction looks like a normal 50% correction of the previous advance.     

Currently the Techometer is nearing oversold at 41.1.  

 

The SPY also was met with heavy selling to end the week, on a large increase in volume for Friday.

The Technometer herre is near the 38 oversold reading, so lets look for the selling to lessen, or a nice bounce.       

The Technometer is oversold at 38.2.

 

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The bond market was trading sideways before Friday’s strong rally with the bankrupt bank news. 

We do not have much to add here as our indicators are giving no help.  It would appear that we can work sideways to higher. 

The Technometer is near overbought at 48.4.

 

The Wyckoff Wave Metal Index was also lower for the week on average volume. 

Our Technometer is at oversold levels, so we would expect  a rally from these levels to correct the recent decline.

The Technometer is oversold at 39.0.

 

The long dollar ETF, UUP was basically flat for the week, around some volatility, on low volume. 

We look for the Dollar to work lower in the weeks ahead.

The Technometer is near overbought at 48.9.

 

Our Wyckoff Wave Crypto Index (WWCI), was also sharply lower in sympathy with the stock market, but has tried to bounce last two days.  Volume was slightly higher on the selloff. 

We think the selling was overdone, and we will see higher this week. 

 

Bitcoin also experienced a sharp quick selloff on average low volume, but is also trying to bounce last two days.   

We did reenter longs and looking at current losses on those positions.   But we think Bitcoin can continue to rally the coming week.       

Our Technometer for Bitcoin is at 42.75. 

 

Ethereum also sold off sharply during the week, but is has recovered most of the losses.

We are long and expecting higher the coming week.   

Technometer is at 43.0.

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Good Trading,

Todd Butterfield