Wyckoff Wave Breaking Uptrend?

The Wyckoff Wave was down slightly for the week.  Volume continues at relative low levels, except some increased activity Thursday after FED speak.
The O-P was down for the week.
The Force Index was flat for the week.
The Technometer moved near overbought on Tuesday, and brought in a little selling.  The Technometer is now near neutral as we are right at the uptrend line of the last five months.

The Wyckoff Wave and OP are moving in unison except for the new low in the Wave Friday while the OP did not.

The Wyckoff Wave traded basically sideways for another week as we had been looking for some type of correction to start.   We did get the near overbought reading, which pushed lower to the uptrend line as show below.   This action looks like the “Shell Hunters Tragedy” Click Here To Watch Video , which shows distribution.   Currently the Technometer is neutral.

The Wyckoff Wave Growth Index (WWG) was higher last week.
The Technometer was nearing oversold again Wednesday, and has kept the rally alive.  We are still near oversold levels, as volume (OP) is not supporting the advance and keeping the Technometer low.

The SPY finished the week basically flat.
The Techometer is neutral as the Wyckoff Wave is.   You can see the high on Thursday was not supported by the OP over the last 10 days, which is lagging here as well.   I do not like the action, but it seems the FED easy money is keeping RISK ON for investors.
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The bond market was down for the week.
Our Technometer has been at extreme overbought levels but now we are off that reading by some 18 points and now at 42.  We think this shows that TLT just made a low and can rally back to the blue overbought line of the blue uptrend as shown.

The GDX finished the week down sharply, as needed.
The Technometer is now at 41.3 and we still expect lower prices here.   We will now use a stop below the high of the recent rally on our short positions.

The long dollar ETF, UUP was up for the week as wanted.
Selling came in after the FED talk, but the Dollar caught itself, and had a nice recovery to end the week.  We will now use stops at last weeks lows on our long positions.

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Good Trading,

Todd Butterfield