Wyckoff Wave Close To Short Term Top?
The Wyckoff Wave was up for the week as expected. Volume was below average headed into the Holiday weekend.
The O-P was flat for the week.
The Force Index was also down for the week.
The Technometer is above neutral. We could see the Wave work a little higher early in the week before rolling over.
The Wyckoff Wave Growth Index (WWG) was higher last week as well.
The Technometer is slightly above neutral so we could see the WWG rally slightly higher early in the week.
The SPY finished the week higher as well.
The SPY rallied for the week and now has the Techometer nearing overbought. We expect this market to make a top maybe as early as Monday’s open.
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The bond market was basically flat for the week.
Our Technometer is now back at extreme oversold, so we expect this market to make a low here, while stocks top out.
The GDX finished the week higher against our expectations.
The Technometer is extreme overbought as shown by the red circle. We are still short and looking for further weakness.
The long dollar ETF, UUP was flat for the week, and holding recent gains.
The Technometer is neutral, and I think allows us to still work a little higher.
The last two buy divergences as shown by the blue lines, were accompanied by oversold Technometers as marked in green, and has kept us moving higher.
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Todd Butterfield
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