Correction Still In Progress

Wednesday, March 29, 2017
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What To Do?
Short Term
Short-term bears should stay short stocks with relative weakness.   We are continuing to hold shorts looking for lower prices.
Short-term bulls should stand aside.  You can begin preparing a list of stocks showing out-performance to the upside for possible purchase.
Intermediate & Long Term:
Intermediate and long term positions to the upside should be maintained.
There are no intermediate or long term opportunities to the downside.
Market Trends:
Intra-day: Sideways
Short Term: Down
Intermediate Term: Up
Long Term: Neutral
The stock market, as measured by the Wyckoff Wave opened unchanged, and then spent the rest of the day trading sideways.  Volume was dramatically lower today.
The O-P and Force are in downtrends.
The Technometer is nearing a neutral reading.
The Nasdaq and S&P 500 were both up fractional today.
 


A review of the intra-day waves shows the Wave opening unchanged, rallying for an hour, then reacting the rest of the day back to unchanged.  On the charts it appears we had a spring in a downtrend off of the low Monday, and volume has not came in strong to the upside.  We still feel that we are in the midst of a correction, and we are still going to react further in the days ahead.
The O-P continues to trade heavy as we continue to mention on these updates.  Today the O-P closed lower and has not rallied much in the last three days off of Monday’s low.  It appears there is still not interest in the upside, and we can continue to correct.
The Force Index closed unchanged slightly lower and continues to apply downside pull on the Wyckoff Wave as well.  A reading of -268 will continue to favor more downside price action.
On Thursday, the Technometer will open near a neutral reading.
 

 
We look for continued correction in the days ahead.  The O-P and Force are giving no new clues, and continues to favor more downside.  The Technometer is back to neutral and will allow more downside in the days ahead as well.
 

 
Bonds traded higher once again today, and we are on the sidelines.
Good Trading,
Todd Butterfield