The Wyckoff Wave Still Looks Like It Could Work Slightly Lower.

The Wyckoff Wave finished the lower, on average low volume.

We have been expecting lower, and still look for slightly lower in the week ahead.

The Technometer is near neutral at 45.7.  

The OP is leading the Wave slightly to the upside.

WWN – The Wyckoff Wave New Index traded sideways, on average low volume.

We are still trading near overbought on our Technometer, and we think we can move lower this week.

Currently the Technometer is near overbought at 49. 

The Wyckoff Wave Growth Index was also lower last week, on average low volume.

We would expect to see still lower here as well. 

Currently the Techometer is overbought at 52.2.  

The SPY also was slightly lower, on lower volume.

We would look for a pullback here as well, to correct the recent advance..      

The Technometer is neutral/overbought at 47.

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The bond market as shown by the TLT, traded higher last week, on low volume.

The Technometer did call for a rally last week which we got.  We are not yet overbought, so lets look for the TLT to continue higher.  

The Technometer is neutral/overbought at 47.

The Wyckoff Wave Metal Index continued higher, on slight increase in volume.

We have been looking for higher, but now we are overbought on our Technometer so lets look for this market to turn lower and correct some of the recent advance. 

The Technometer is overbought at 50.1.

The long dollar ETF, UUP was flat last week, but up today to start the week.  Volume has been low…

We can still see the Dollar bounce a little to correct recent decline, then turn down again. 

The Technometer is near oversold at 38.7.

Bitcoin continues sideways in a narrow range, on low volume.  

It has started off Monday, with some nice outperformance versus the Nasdaq/Dollar.  The strength here is impressive no doubt.   We still think we could pullback here for a better reentry.    Let’s monitor….   

Our Technometer for Bitcoin is neutral at 45.3. 

Ethereum has also traded sideways to slightly higher, on lower volume. 

We are still flat, and looking for lower to repurchase.  Our Technometer has came down nicely in last 5 sessions, so let’s see if we can get an oversold condition soon.

Technometer is neutral at 42.5.

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Good Trading,

Todd Butterfield