The Wyckoff Wave Leaves Apex to the Downside

This past week the Wyckoff Wave started the week trading higher as expected.  Then we had a rally that failed Wednesday as the Technometer was getting close to overbought again.  This was a possible warning that the rally was not on a strong foundation.   Sharp selling came in Thursday morning with continued selling Friday.   Volume was slightly higher for the week.

The Technometer began the week at neutral levels, and finished the week oversold.

For the week the S&P was down 5.96%, and the Nasdaq 6.54%.


The Wave is quickly returned to the bottom end of the recent range of 51,000-57,000.  The Technometer is at oversold levels so we will possibly find short term support this week, or even spring the previous low of early February.

The O-P had not rallied at all since the short term lows of Feb 5th.   It continues to probe new lows as the Wyckoff Wave declines.

The Force Index declined last week as well and is applying continued pressure to the downside.

The Technometer finished the week at an oversold reading of 35.06. This might slow the decline on a short term basis.

The one year daily chart shows the Wyckoff Wave trading in an uptrend but weakening as we had been warning.  We had felt we would go into a trading range, but next week will tell us whether or not we are beginning a downtrend.

The Wyckoff Wave Growth Index (WWG) declined sharply for the week and broke it’s short term uptrend channel.  This market looks lower to continue its short term downtrend.

The bond market traded sideways for the week.  It was bid late in the week due to the general equity market selloff.
Once the stock market finds some support we would expect the TLT to continue lower.  We are hold short from $125.08 and also $120.18

IMPORTANT ANNOUNCEMENT:  This week we will be launching our “Pulse of The Market” for Cryptocurrrencies.  This software will have consolidated volume for the Crypto’s which will be most important when applying Technical Analysis.
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Good Trading,

Todd Butterfield

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