The Wyckoff Wave Sitting At Resistance

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The Wyckoff Wave declined slightly for the week.  Volume was slightly higher last week because of Wednesdays elevated levels.
The O-P was up for the week.
The Force Index was up as week.
The Technometer is still trading near overbought levels.

 

The OP lead last weeks rally with the Wyckoff Wave lagging.  This is what is keeping the Technometer near overbought.

 
The Wyckoff Wave is still trading right on the resistance of the recent purple trading range.
The Technometer has been near overbought the last two weeks.   This warned us that we probably was not going to get a jump across the creek, but just a test of the supply level of the long trading range.  We have also not had any correction off of this level.
We still expect the Wyckoff Wave to spend the coming week in correction mode.

 
The Wyckoff Wave Growth Index (WWG) traded slightly lower for the week also.
The Technometer is nearing oversold, so we this market to find support early in the week on any further selloff.

 
The SPY also finished the week slightly lower.
The Technometer is below neutral, and should approach oversold very quickly on any further selloff this week.  For now we still look for lower….

 
The bond market continued to rally off of the spring we called for.
The Technometer is extreme overbought, but so far we have not corrected much.  We expect this market to work a little higher into the blue downtrend line, and then probably will begin a test of the spring.

 
The GDX finished the week lower.
The Technometer is neutral so I think GDX will work slightly higher with TLT next week, then possibly provide us with another short term sell opportunity.

 
The long dollar ETF, UUP rallied strongly on Friday which did not help our short position.  We will watch this market closely next week to get a firmer grasp on its future move.

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Good Trading,

Todd Butterfield