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 week nearing previous resistance as shown in blue. Rallying into this area with low volume, and an overbought Technometer is not good for the bulls. We look for the resistance to hold and to turn the Wyckoff Wave back lower.
The Technometer is extreme overbought at a reading of 52.4.
The Wave/OP are moving in unison.
WWN – The Wyckoff Wave New Index also was up nicely for the week, but on low volume as well. We had mentioned here as well that we could see a rally back to the previous ice, and last week was a good start to that. We would expect some further strength this week.
The Technometer is nearing overbought with a reading of 49.2.
The Wyckoff Wave Growth Index started the week lower, then rallied strongly to end the week. Volume here was on average.
The last three times we have become overbought this market has turned lower. We are now once again overbought, and back to last weeks highs. So far this type action does not look that bullish. To be bullish, we need to see this market break last weeks highs, and then extend those gains, while being overbought.
One positive is we have broken the short term downtrend line.
The Techometer is overbought at 52.5.
The SPY closed the week sharply higher on lower volume. The Technometer is now at extreme overbought, and price is back at previous support. This action does not appear to be bullish as of yet.
We are extreme overbought on the Technometer at 54.
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The bond market closed slightly higher last week on lower volume.
The Technometer is near oversold so we could see this market work still higher in the coming week. With no strong volume coming into the upside, this rally is nothing more than a rally in a downtrend.
The Technometer is near oversold with a reading of 40.1.
The GDX closed the week only slightly higher on very low volume.
We had an overbought Technometer last week that we thought would temper gains, which is what happened. We are still overbought so we see very little gains from these levels.
The Technometer is overbought at a reading of 51.6.
The long dollar ETF, UUP closed the week lower on slightly lower volume.
We had an oversold Technometer last week, which should have led to a corrective bounce, or a letup in the selling. Thus far it has lead only to reduced selling, but price is not holding up very well. With Technometer back near neutral, with no price gains, looks bearish.
The Technometer is above neutral with a reading of 45.6.
Bitcoin traded sideways to lower for the week while stocks bounced, which looked bearish on the surface. Now over the weekend Bitcoin has played catchup to the upside and up a strong 7.6%.
No strong volume has came in to the upside, and the Technometer will be nearing overbought in the coming days. It appears stocks and Bitcoin could meet resistance early in the week, and due for another short term pullback.
Our Technometer for Bitcoin is above neutral with a reading of 46.3.
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Todd Butterfield
