The Wyckoff Wave Oversold on the Technometer

The Wyckoff Wave experienced a slight selloff in the latter part of the week.  We had mentioned if this occurred the Technometer would become oversold and give us another opportunity to rally.   It did just that and began to rally off of Friday’s intraday low.  Volume was higher on the selloff due to the Fed speak.
The O-P has been slightly weaker than the Wave on last weeks rally, as well as the selloff into Friday.  We had a slight positive divergence on Friday.  The O-P went to a new low compared to three weeks ago and the Wave did not.
The Force Index has also under performed on the recent rally.

The Technometer closed the week in an oversold condition.

The intraday chart shows the under performance of the OP on the recent rally versus the Wyckoff Wave (WW).  This had occured with the near overbought reading of the Technometer.  These factors lead to the end of week correction with the O-P then giving us a positive divergence.

 
The one year daily chart shows the Wyckoff Wave trading in an uptrend on an intermediate term basis.  With the Technometer once again registering an oversold reading, I would expect the Wave to try and rally back to the overbought line of the blue uptrend, as well as the purple resistance line of the recent trading range.
 

 
The Wyckoff Wave Growth Index (WWG) continues to rally as expected.  It is trading at its overbought line of its recent uptrend, but appears to continue to be able to trade higher.   Its Technometer reading is back to neutral, and leaves more upside available.
 

 
The bond market is trading sideways after its recent upthrust.  Its Technometer just came off of overbought but we do not see a low risk entry at this time. If stocks rally here, it would be expected that the TLT could come under some pressure once again.  We will be on the sidelines…
 

 
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Good Trading,

Todd Butterfield