Stocks Trading Dull Waiting On The Fed

Monday, March 13, 2017
What To Do?
Short Term
Short-term bears should stand aside or stay short stocks with relative weakness.   We are continuing to hold some shorts as there is many stocks showing relative weakness.
Short-term bulls should stand aside.
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: Down
Short Term: Sideways
Intermediate Term: Up
Long Term: Neutral
The stock market, as measured by the Wyckoff Wave opened lower, and in dull trading continued a small correction before cutting their losses near the close.  Price and volume continue to show supply present.
The Technometer is slowly approaching an oversold reading.  A few more days of correction and it should be solidly oversold.
The Nasdaq and S&P were unchanged to up slightly.
 


A review of the intra-day waves shows the Wave opening slightly lower, and then continuing lower until a late rally cut the losses.  The O-P continues to make new lows for the move.  Continuing to pressure the downside.
The Force Index closed slightly lower day as well, and has been in steep downtrend for the last two weeks of trading.
On Tuesday, the Technometer will be nearing an oversold reading.

 
Today we continued the minor correction we have been in for the last few weeks.  The O-P and Force has continued to show weakness here so we should still see more correction.  The Technometer is not yet oversold so it should allows us more downside in the next few days.
 

 
Bonds were down again slightly, and we are looking to possibly purchase again in the near future.
Good Trading,
Todd Butterfield