Upthrust in place…

Tuesday, June 20, 2017
What To Do?
Short Term
Short-term bears should stay short stocks with relative weakness.  We added a short in GE Monday.
Short-term bulls should stand aside but have your buy list ready for purchase.  We are currently holding both long and shorts for our ProTraders.
Intermediate & Long Term:
Intermediate and long term positions to the upside should be maintained.
There are no intermediate or long term opportunities to the downside.
Market Trends:
Intra-day: Neutral
Short Term: Neutral
Intermediate Term: Up
Long Term: Neutral
The stock market, as measured by the Wyckoff Wave opened slightly lower, traded sideways into the middle of the day, before succumbing to a selloff into the close.  Volume was slightly higher today, but would like to see this increase if we are experiencing an upthrust.
The O-P traded lower today.
The Force Index traded slightly lower as well.
The Technometer registered a solidly overbought level today at the highs.
The S&P 500 and Nasdaq were both down approximately  .75 today.
 


A review of the intra-day waves shows the Wave stair stepping lower during the trading session and closing on the lows.
The O-P traded in sympathy with the Wave today and gave no extra clues.
The Force Index had rallied nicely the last couple weeks.  It was only down slightly today.
On Wednesday, the Technometer will open near an overbought level.
 

 
We have been expecting the Wyckoff Wave to work back towards the bottom of the recent trading range we have been locked in for months. With our Wyckoff Tools this still appears the likeliest outcome, and today’s possible upthrust helps that prospect.
 

 
The TLT had another solid day higher today.  We have been expecting higher prices, and presume this will continue especially if stocks stay under pressure.
 

Good Trading,
Todd Butterfield