Wyckoff Wave At Resistance,What’s Next?

The Wyckoff Wave was up for the week once again.  Volume was at normal levels for the week.
The O-P was up slightly for the week.
The Force Index was up for the week.
The Technometer is slightly above neutral levels.

The OP is slightly weaker than the Wave.  This is what is making the Technometer more oversold.

The Wyckoff Wave rallied once again this last week, on normal volume.
The overbought Technometer and previous resistance might have helped stopped the rally and give us a slight correction.  It doesn’t appear at this time it will be that large of a correction, with some of our Technometers moving to neutral/oversold quickly.

The Wyckoff Wave Growth Index (WWG) was up for the week as well, and tested the top of the recent range.
The Technometer is slightly above neutral here, and we will still look for lower prices to test the bottom of the recent range.

The SPY finished the week slightly higher.
The Technometer has went from overbought, to nearing oversold quickly.  This is good for the bulls as we are still in an uptrend and holding higher levels.
We will need to watch the Technometer early in the week here to see if it does reach oversold.
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The bond market closed sharply lower for the week.
This week brought major weakness, and has turned this market lower.  We have an oversold Technometer so we would like to see a relief rally to sell short.
We had warned a week ago, that we had seen the OP work much higher while prices were just at resistance, so that negative divergence showed itself last week by the abrupt weakness.

The GDX finished the week sharply lower, and broke the uptrend as we had wanted.
The recent sharp selloff returned the Technometer to oversold levels early in the week.  That was enough to stop the decline.  We still think lower prices are ahead.
Sentiment has been extreme bullish and we would expect more of that needs worked off.

GDXJ

The long dollar ETF, UUP was down slightly for the week.
We think he coming week could still see further strength as the OP went to a new low Wednesday/Thursday while prices held.  This is a slight bullish divergence.
Sentiment is extreme bearish and we look for this market to make an intermediate low in this area.

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Good Trading,

Todd Butterfield