The Wave Tested The Highs Again…

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This past week the Wyckoff Wave wallied to the top of the range again.  The Wyckoff Wave backed up to the creek last Friday and successfully held.   For the week, price and volume did not give many clues as volume did not expand as much as we would have liked on the rally.

The Technometer is now back to neutral.

The S&P was up .75% for the week while the Nasdaq was up .85%.

The Wave began the week rallying off of the established creek level as expected.  It did not do this on an increase in volume, and when it reached the previous resistance at 47,000 it stopped in its tracks.   On Friday we tested the highs and closed lower which appears short term bearish.

It appears we have more work to do on the downside before we can try to rally again.  Volume was steady from the week before.

The O-P continues to trade weaker than the Wave, and closed much weaker on Friday.

The Force Index was up slightly 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.  We did expect the rally last week, but discouraged by the action as a whole.  It seems the Wave had a chance to go and go now, but it slowed up when it should have accelerated.  With the Technometer now back to neutral, it feels we must go back to the creek for another look.

The Wyckoff Wave Growth Index (WWG) continued with its relatively poor performance.  It rallied early in the week, before closing on its low Friday.  It appears this market still wants to move lower.  We have stayed bearish this market, and are still bearish.   The Technometer is now trading at neutral.

The bond market once again rallied to a new high for the week.  We are still partially short and looking to add to shorts as the Technometer is extreme overbought here.  We expect this market to turn lower very soon.

Good Trading,

Todd Butterfield

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