Wyckoff Wave Trying To Dig Out Still?

The Wyckoff Wave spent last week working higher, then succumbed to major selling to end the week.  Volume increased some on the selloff.

I was wanting a slightly more oversold Technometer before entering more long positions, which we never got.  Once again we are near oversold, and should achieve that early in the week.  We look for the wave to catch support and try the upside again.

The Technometer is near oversold with a reading of 40.77.

WWN – The Wyckoff Wave New Index is one we also monitor, and its Technometer is at oversold as prices are in the middle of the recent trading range.   We look for support to be met, and a turn higher.

The OP/Wave are moving in unison.    

The Wyckoff Wave Growth Index traded higher early in the week, then major selling came in to end the week.  Volume was much higher the last three trading sessions. 

We had mentioned last week that we had an oversold reading, but that did not take us higher in price.  Because of that we was hit with another bout of selling.  Technometer is nearing oversold and we are back testing the previous lows of the recent decline.   Volume needs to slow, or we need a quick recovery on strong volume to turn us back higher.  We think we will put in a test of the lows, and go back up to test the recent highs at 8150. 

Technometer is back near oversold with a reading of 38.6.  

The SPY closed the week lower, as well on a slight increase on volume to end Friday’s session.

Here we was wanting a reset in the overbought Technometer in recent weeks, to one more oversold.  As of Friday, we are nearing oversold, and should be there early in the week.   We think this market will test the recent lows and turn higher as well. 

The Technometer is near oversold with a reading of 40.

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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 48.1.

The GDX closed the week sharply lower as expected, on an increase in volume.

We had stated last week to expect a return to the support level at $36, which we would probably look to buy.   We swiftly got the selloff to the bottom of the recent range, and the Technometer is extreme oversold.  

Let’s look to enter this market on a spring of the $35.80-36.50 level and a return to the middle of the trading range, and then possibly to new highs.

Technometer is extreme oversold with a reading of 33.5.

The long dollar ETF, UUP closed the week higher once again.  Volume was average.

We are on sidelines but want to be short.  We was hoping to get an overbought Technometer and an upthrust in price action.  We did get the overbought Technometer on Tuesday, but price has continued slightly higher.  We will monitor for a short entry.

The Technometer is near overbought with a reading of 48.4.

Bitcoin has traded mostly net sideways.  Volume has been low.

We continue to show bullish intermediate divergences in blue, and we have stayed bullish on Bitcoin.  We had a buy setup last week at $39,200 which looked good for a few days, now back to just small profits.

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

Our Technometer for Bitcoin is nearing oversold with a reading of 41.8.

ATOM – Atom was slightly down for the week on extremely low volume.

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

Technometer is oversold once again with a reading of 40.8.

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Good Trading,

Todd Butterfield