Wyckoff Wave Completed A “Last Point Of Support”?

The Wyckoff Wave traded lower Monday, then spent the rest of the week trading sideways.  Volume was slightly lower.
We was looking at a possible “last point of support” ending last week, and that is still on the table.  We reversed higher on Friday after making a new low, so we need to see this rally continue into the coming week.  If we penetrate Friday’s low then it would appear we have more downside in store.
Our Technometer is just above neutral, and we will be watching this as it works its way to overbought.   
Technometer is near neutral at a reading of 45.49.
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The Wyckoff Wave touched new low for the move Friday, while the OP was nicely above its corresponding low.  This lead to Friday’s reversal.   This type of action will also get the Technometer more quickly to overbought.
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The Wyckoff Wave Growth Index ended the week down ever so slightly.  Volume was slightly higher.
We was expecting at minimum a stopping of the selling last week, or the beginning of a recovery rally.  The selling was halted, but the rally was not very strong.   Now we have Technometer reading nearing overbought, so we will watch early in the week for a more clear overbought reading.   It is worrisome, that we have had no strong rally thus far, and the Technometer is nearing overbought already.
Technometer is now near overbought with a reading of 48.36.
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The SPY closed slightly higher for the week, with volume higher as well.
The SPY opened sharply lower Monday for our “spring” of the 424 level, then tested that “spring” on Friday.   We need to see continued upside action, to get this market out of trouble.    Once again, the Technometer could get to overbought quickly on any rally.
The Technometer is above neutral at a reading of 46.61.
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The bond market closed slightly lower for the week.  We was expecting further rally to get our Technometer to overbought.    We instead worked lower and got our Technometer near oversold.   We would expect further rally attempts from here for the TLT.
The Technometer is nearing oversold with a reading of 39.35.
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The GDX closed the week sharply lower, off of the strong dollar last week.  Volume also increased with the selling.
The Technometer is still around neutral, and we are on the sidelines as we have been for quite awhile.
Technometer is near neutral with a reading of 42.71.
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The long dollar ETF, UUP closed sharply higher on lower volume.
The Technometer had been extreme overbought, but the Dollar still rallied to new highs for the move.  We are looking for this move to be an upthrust, and then begin working lower.   For now we are on the sidelines.
The Technometer is overbought with a reading of 52.29.
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Good Trading,

Todd Butterfield

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