Wyckoff Wave Bounced, Now What?

The Wyckoff Wave was up nicely for the week.  Volume was increased.
The O-P was up for the week.
The Force Index was also up for the week.
The Technometer is overbought.

The Optimism Pessimism Index and Wyckoff Wave are trading in unison.

The Wyckoff Wave was higher for the week as expected.  We sold our long positions during the week and took nice 10-30% profits in a matter of a few days.
Our Technometer is now overbought, and the Wave should begin to rollover and try the downside again.

Charts on a few ProTraders positions we closed out.




The Wyckoff Wave Growth Index (WWG) was higher last week as expected.
The Technometer was oversold at the lows and we had taken some positions.  It is still below neutral, as the OP (volume) did not come in to the upside.  We feel this market has turned down and we are beginning a downtrend.  We look for probably some sideways to slightly higher short term, then continue lower.

The SPY finished the week higher as well.
The Technometer was never reached solid oversold on the previous decline, and now still below neutral.  Once again, no volume on last weeks rally so we are suspect of it.   Would like to see the Technometer get closer to overbought before we move to more short positions.
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The bond market was down once again for the week and testing previous lows.
Our Technometer is still near overbought so this market is not acting well.  We have losses and I would expect some range bound trade here, and then we will close our position and take losses.

The GDX finished the week up.
We are still short and looking for further weakness.

The long dollar ETF, UUP was down slightly for the week, as we are trying to work thru resistance at the previous support level.
The Technometer is near oversold so we think we can continue to march higher.

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Good Trading,

Todd Butterfield