Wyckoff Wave Finally Bounced.

The Wyckoff Wave was up for the week.  Volume was slightly higher last week.
The O-P was down slightly for the week.
The Force Index was up slightly for the week.
The Technometer is neutral.

The Optimism Pessimism Index is weaker than the Wave.  Plus volume is not coming into the upside.

The Wyckoff Wave closed higher for the week as expected.  Volume was slightly higher.
We was expecting a continued rally last week until the Technometer returned to overbought.  It is currently neutral, as volume is not coming into the market on the upside.   This is a bearish divergence, but volume can always catch up, so not a strong sell divergence as of yet.   Lets see if we can rally a little more next week and book profits and return to some short positions.

The Wyckoff Wave Growth Index (WWG) was also nicely higher for the week as expected.  We was looking for a rally back to the the top of the trading range and getting it.
The Technometer is now at overbought levels and this rally should now meet resistance here.  We will be looking for a turn lower in the coming week.

The SPY finished the week higher as expected.
The Technometer is above neutral and we expect a little further rally early in the week.  We will watch the Technometer and look to be short on an overbought reading.
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The bond market closed lower last week.  We had a sharp selloff Monday morning, but traded sideways the rest of the week.
The Technometer is now neutral, so we watch action closely.  We could have done a spring and testing the last few days.  Or the bearish alternative is we had a sign of weakness and this little rally here is a last point of supply.  We will watch theTechnometer and price action for better clues next few days.

The GDX finished the week higher after Monday’s sharp selloff.
We did get an oversold reading on our Technometer Thursday, but price action before that kept us short.  With Friday’s sharp rally we might be wrong on our Bearish analysis.  We will watch next couple days action to figure out our next move.

GDXJ Technometer will get to overbought much quicker than GDX.  We will closely next day or two.

The long dollar ETF, UUP was lower, which we was not expecting.
We thought the backup was complete before last week’s weakness.  We have changed the trendlines to allow a turn up from here, but the bullish case is under stress.  We will watch this market as well early in the week.

Charts of the two stocks we bought for our ProTraders/Discord subscribers.
MASI rallied up to resistance of its trading range and was turned lower.  We might be exiting this long position due to our analysis of WWG above.

CTAS also might be liquidating this long position soon as well.

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Good Trading,

Todd Butterfield