Wyckoff Wave Falling Thru Support

The Wyckoff Wave closed the week lower, after trading slightly higher early in the week to a near overbought Technometer.  Volume was average on the selloff.

At Tuesday’s close we once again had the majority of our Technometers close to overbought, which we mentioned to subscribers.  Once again, this took us lower quickly to end the week.

The good news is the Technometer is nearing oversold, so we might try to bounce again after a little lower early in the week.  

For now we are staying on the sidelines until the picture clears.   

The Technometer is nearing oversold with a reading of 40.7.

 

We mentioned that the OP was leading the Wave last week with buying that wasn’t raising prices.   That divergence lead to the late week selling.   They are now back to moving in lockstep.

 

WWN – The Wyckoff Wave New Index was only down slightly last week and trying to test its previous week low on slightly lower volume.  

We had mentioned a rally here back to its previous ice level.  That would still be what we are looking for here.

 The Technometer is slightly above neutral with a reading of 45.7.

 

The Wyckoff Wave Growth Index also traded lower for the week on slightly lower volume.

On Tuesday the WWG Technometer returned to overbought as we warned, as marked in red.  This reading also called the top two weeks ago after the FED talk.  This lead to selling coming into the market once again, and driving us to new lows for the move.  

We have the Technometer still near overbought so hard to see a sustained rally from these levels.  We will need to see a more clear oversold reading, or for Tuesday’s highs to be taken out to be bullish.

The Techometer is near overbought at 48.2.

 

The SPY closed the week down as well, on lower volume. 

The Technometer did return to overbought and turned the market lower.  We are still at elevated levels in the Technometer, as we have not really seen capitulating volume on the selloffs. 

We are neutral/overbought on the Technometer at 46.7

 

 

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The bond market closed slightly higher last week on lower volume. 

We did register an oversold Technometer here on Wednesday, and some buying coming in off of the weak stock market.   We would expect higher here for the coming week. 

Our indicators have not given us much help in this market, thus no positions.  

The Technometer is near neutral with a reading of 43.8.

 

The GDX closed the week higher on low volume.

We was expecting some gains this week for the GDX which we got.  But they action did not appear very bullish, with volume not following prices higher.

Even worse now the Technometer is back to overbought at a reading of 50.5

 

 

The long dollar ETF, UUP closed the week sharply lower on slightly higher volume.

We are on sidelines but want to be short.  Let’s see if last week’s action is the start of a renewed downtrend, or only a pause in further rally attempts.   With the oversold Technometer we want to see how a bounce from here looks.

The Technometer is oversold with a reading of 33.1.

 

Bitcoin traded sideways last week, showing some slight outperformance to the Nasdaq.    

We are encouraged by this outperformance, but until we see stronger indications of a stock market rally, it is hard to see Bitcoin take off to the upside.

Our Technometer for Bitcoin is neutral with a reading of 43.7.  

 

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Good Trading,

Todd Butterfield

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