Wyckoff Wave Tested The Lows, Ready To Rally Further?

The Wyckoff Wave was up slightly for the week,  after Monday’s sharp selloff.  Volume was average.
The O-P was down for the week.
The Force Index was also down for the week.
The Wave fell below the recent support line two weeks ago, then rallied back to it.  This last week it appears that we tested the low from the previous week and could rally further this coming week.
The Technometer is at 41.9, and will support a rally this week.

Last week the Wave and OP traded in unison.

In the larger picture for the Wyckoff Wave, we have fallen thru the ice, or are springing the support level.   We had thought last week that we was probably witnessing a fall thru the ice and rally back to the ice.   With Thursday/Friday action and the near oversold Technometer, we will allow for further rally this coming week.
We could have had a spring and last week was the test, and we could rally nicely back into the trading range.
The Technometer is near oversold, and allows further rally.

The Wyckoff Wave Growth Index (WWG) finished the week lower on average volume.   Last week’s selloff has tried to respect the blue uptrend support line.   With the oversold Technometer we think we rally from here next week.   We will see if strong volume comes in on the expected rally.
Technometer registered near oversold, and supports a rally this week.

The SPY finished the week lower as well.
We have broken the intermediate uptrend for the SPY.   But last weeks late action looks short term bullish.  We couldn’t extend the losses Friday and rallied nicely on good volume.  We  have been looking for continued sideways action, and not a strong down move.  Last week’s action thus far backs that notion.
The Technometer is near oversold, and supports a rally here.

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The bond market was down for the week as expected.  Middle of the week we had an oversold Technometer and stated we could rally from the lows.  We did have a slight rally, but thus far doesn’t appear to support a strong rally from here.   Looks lower after a little more rally….
The Technometer was oversold and in a couple days went right back to overbought.  The action here looks bearish still.

The GDX finished the week slightly lower.
Technometer is neutral, and we have no strong opinion here.

The long dollar ETF, UUP was up for the week off of the support of the oversold Technometer.
The Technometer is neutral and moving to overbought.  We will watch this to hopefully enter a short position on a possible upthrust.

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Good Trading,

Todd Butterfield