Wyckoff Wave Still Under Pressure

The Wyckoff Wave spent last week continuing to subdivide lower.  Volume increased on the selloff.

I was wanting a slightly more oversold Technometer before entering more long positions, which we almost achieved on Wednesday’s selloff.   We did add a name, but have a very close stop.  The price action is sloppy, so we are going to observe the action early in the week before adding anymore.  

Would like to see volume come in on a strong reversal day higher.

The Technometer is near oversold with a reading of 40.92.

WWN – The Wyckoff Wave New Index was also oversold on Wednesday and reversed higher Thursday, only to be met with major selling in Amazon to end the week.  Volume increased on the selloff.  

We could spring the lows here as well, but need a reversal higher on increased volume.

The Wyckoff Wave Growth Index traded higher Monday then saw heavy selling to end the week.  Volume increased on the selling. 

We was wanting a lower volume test of the Jan/Feb lows, but did not get it.  We now need a strong recover to call this a spring/shakeout.   Let’s see if we can reverse Friday’s decline which was blamed mostly on Amazon weak earnings forecast.  

Technometer is back near oversold with a reading of 40.5.  

The SPY closed the week lower, as well on a slight increase in volume.

Here we was expecting an oversold Technometer early in the week and got it. Thursday’s action was encouraging, before Friday’s bout of selling.  We can still call this a test/spring of the previous lows, and still lean bullish.

Technometer came off of extreme oversold at 41.9  

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The bond market closed slightly lower last week, on average volume. 

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

The Technometer is near overbought with a reading of 47.

The GDX closed the week lower as expected on low volume.

We got the spring/backup that we have been looking for on Monday.   We look for this market to turn higher this week.   

Technometer is near oversold with a reading of 40.3.

The long dollar ETF, UUP closed the week sharply higher once again.  Volume increased off the high late in the week.

We are on sidelines but want to be short.  Wednesday-Friday price action looks bearish to us.   We left an island top, so let’s see if we can continue lower this week.   If so, then we think that is an important top in the Dollar. 

The Technometer is near neutral with a reading of 43..

Bitcoin also followed stocks lower with Bitcoin having modest losses for the week, on low volume.  

We continue to show bullish intermediate divergences in blue, and we have stayed bullish on Bitcoin.  We had a previous buy setup at $39,200.

With stocks close to finding a tradable low, we think Bitcoin will do the same. 

Our Technometer for Bitcoin is neutral with a reading of 44.7.

We had a buy setup in LUNA a few weeks ago, which looked promising.   It also was down last week on low volume. 

We continue to show the bullish divergences with the blue arrows, and we still think will turn higher from these levels. 

Technometer is near oversold once again with a reading of 41.1.

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Good Trading,

Todd Butterfield