The Wyckoff Wave Still Holding Support At Bottom Of The Recent Range

This past week the Wyckoff Wave traded both sides of unchanged and finished the week with a sharp correction.  The deeply oversold Technometer and the support of 51,000 has lead to the recent sideways trading.  We would have liked to seen more strength off of these indications, so we are concerned with the coming weeks trading.  Volume was slightly lower for the week.

The Technometer began the week at slightly below neutral levels, and finished the week slightly above neutral.

For the week the S&P was down 1.38%, and the Nasdaq 2.10%.

Thus far the Wyckoff Wave has found support at the previous lows of  51,000.  The Technometer was deeply oversold and now supporting a neutral reading.  We had what looks like a spring on Wednesday again, and a possible test on Friday, but with volume not much less.  If the spring scenario is in place we will need to see a sharp rally to begin the week to rally away from the danger zone.   We do have downtrends in place so if this rally fails it will leave the door open to further downside action and a breaking of the 51,000 support level.

The O-P had not rallied at all since the short term lows of Feb 5th.   It continues to trade near the lows.

The Force Index was up slightly last week.

The Technometer finished the week near a neutral reading after coming off deep oversold levels two weeks ago.
 

 
The one year daily chart shows the Wyckoff Wave trading in an uptrend but weakening as we have been warning.  Last week’s action has kept the bull side alive with continued support being found.

 
The Wyckoff Wave Growth Index (WWG) did have a slight bounce as warned, and then the selloff on Friday after respecting the downtrend line.  This market could lead us lower if the Wave does not hold the recent spring low early in the week.

 
The bond market traded lower for the week.  The Technometer is back to near overbought so we will probably add to shorts this week.  We are holding shorts from $125.08.
 

 
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Good Trading,

Todd Butterfield