The Wyckoff Wave Still Trading Range Bound

This past week the Wyckoff Wave started the week trading slightly higher, then had sharp selloff into Thursday.  It then rallied slightly Thursday/Friday to end the week lower.   Volume was at recent levels except for the sharp increase for Friday expiration.

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

For the week the S&P was down 1.24%, and the Nasdaq 1.04%.

The Wave is continuing to trade with the range of 51,000-57,000.  Last weeks rally in conjunction with the overbought Technometer lead to last weeks decline as expected.

The O-P had not rallied at all since the short term lows of Feb 5th.   It actually went to another low since Feb 5th while the Wave has moved sideways into an apex as you can see from the above chart.

The Force Index rallied slightly last week which might allow us to rally here.

The Technometer finished the week at neutral levels.  This might be enough to allow us to rally off of this apex.
 

 
The one year daily chart shows the Wyckoff Wave trading in an uptrend but possibly tiring within the steeper uptrends.  We had felt that we would possibly begin sideways trading action, which has been occuring.   With 57,000 being resistance as mentioned, and 51,000 support.
The Technometer last week told us we needed a corrective decline which we got.  Now with the Technometer showing a neutral reading and the OP/Wave divergence, we would like to see the Wave start a rally here to new highs.
 

 
The Wyckoff Wave Growth Index (WWG) declined slightly for the week in line with the Wyckoff Wave.  We felt like last week would not result in a jump of the creek, but a pullback.  We got what we expected….
The Technometer is now trading at oversold levels and we are back to trendline support.  We would expect this market to experience a rally in conjunction with the Wyckoff Wave.
 

 
The bond market traded higher for the week.  The Technometer told us not to press our shorts early in the week, as it could experience a minor rally.  TLT did as expected and we gave a sell on TLT to our ProTraders for Thursday’s opening in conjunction with an overbought Technometer.
TLT is now trading near its previous support line of its previous trading range which should act as resistance.  We feel this market has lower objectives ahead, so we continue to hold shorts from $125.08 and also $120.18
 

 
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Good Trading,

Todd Butterfield