The Wave Penetrates The Range….

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***Friday’s data was corrupted from our service provider so Friday’s bar is at bottom of chart which is incorrect….

This past week the Wyckoff Wave rallied and penetrated the top of the recent range.  It appears that we are still just range bound and not starting a markup phase.   We are not getting the acceleration we would expect at this point in the rally.  For the week, price and volume showed some demand present.

The Technometer is slightly below neutral.

The S&P was up 1.35% for the week while the Nasdaq was up 2.71%.

The Wave spent the week rallying to the recent resistance and penetrating it.   We had expected a move to the bottom of the range and did not get it.  We don’t expect acceleration to the upside here.

The O-P continues to trade weaker than the Wave, and closed unchanged for the week.

The Force Index was also basically unchanged for the week.



On the longer term chart below it is concerning that we could not rally to the recent overbought line of the uptrend.  It can still rally to the overbought line if it digs in here.  The Technometer is supportive of a rally here, but the O-P and Force is trailing.  Lets see what this week brings.

The Wyckoff Wave Growth Index (WWG) staged a sharp rally back into the recent trading range.  It will be interesting how it trades the next few days, as the Technometer is registering a solid overbought reading of 55.  We have been bearish this market, and stay bearish.

The bond market once again rallied to a new high Tuesday, and then reversed sharply off these highs.  It then tested the highs over the next two days before falling again sharply Friday on an increase in volume.  It appears the rally here is possibly over.  We expect further weakness in the weeks ahead.

Good Trading,

Todd Butterfield

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