The Wyckoff Wave Still Sitting At Resistance

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The Wyckoff Wave closed down ever so slightly for the week.  Volume was lower at holiday levels.
The O-P was up slightly for the week.
The Force Index was down slightly.
The Technometer was trading near overbought levels, and came off slightly.

 

The OP is trading slightly stronger than the Wyckoff Wave.

 
Continuing to sound like a broken record, 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.  But, we have not had any meaningful correction off of this level.
We still expect the Wyckoff Wave to experience some type of selling this week.  If nothing else, at least a break of the previous weeks low.

 
The Wyckoff Wave Growth Index (WWG) traded higher for the week, as expected due to the oversold Technometer.
The Technometer is now extreme overbought, so we expect a correction in the coming week.

 
The SPY also finished the week higher.
The Technometer is nearing overbought, so we expect this market to move lower in the coming week as well.

 
The bond market added on to its gains last week.
The Technometer was extreme overbought, but now nearing neutral.   This is bullish action, and Friday’s price action looked constructive.  We expect still higher prices here, as stocks correct.   Let’s see how we perform at the blue downtrend line this coming week.

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

 
The long dollar ETF, UUP rallied traded a new recover high on Friday, and then experienced a reversal.  We will stay short and look for lower prices.

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Good Trading,

Todd Butterfield