Wyckoff Wave Testing The Support.

The Wyckoff Wave traded sharply lower Friday to end the holiday shortened week.   Volume was at lower holiday levels.
We expected some selling this past week to bring the Wave down to the support level, and also bring our Technometer down to oversold.    We are now at support, but out Technometer is at a reading of neutral.    We would like to see it closer to oversold before we purchase many new holdings.

The Wyckoff Wave and OP are trading in unison.

The Wyckoff Wave is testing the support of the 10 month trading range.

The Wyckoff Wave Growth Index also spent the week on a correction off of all time highs.  Here as well, we was expecting a correction to test the levels of three weeks ago.   We are near those levels and also the long term blue support line of the uptrend.   The Technometer is near oversold, so we will look for that to get closer to oversold early in the week, and we will look to add to long positions.
Technometer is below neutral at a reading of 42.9.

The SPY closed lower for the week as well.  Thus far the correction looks like a normal pullback to correct recent gains.
The Technometer started the week near neutral and finished slightly below neutral.  We was looking for a pullback to add to longs, and to register an oversold Technometer.   We should get both early in the week.
The Technometer is near oversold at a reading of 41.07.

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The bond market was down early in the week, before Friday’s strong rally.   We have an extreme overbought Technometer, and still a large bearish divergence between the OP/price as marked with blue arrows.   We look for this market to make another top up here and turn lower.
The Technometer is solid overbought, with a reading of 54.57.

The GDX closed the week lower as wanted.
The Technometer was near oversold, and we was looking for this market to come down and give us a chance to buy.  We have an oversold Technometer and expect this market to find support near these levels.
Technometer is near oversold with a reading of 38.12.

The long dollar ETF, UUP continued higher early in the week, before Friday’s sharp selloff.   We think this market could have finally registered its top we have been looking for.   We have an overbought Technometer and will look for a test of the highs this week to be short on.   We expect lower from here…..
The Technometer is overbought at a reading of 50.41.

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Good Trading,

Todd Butterfield