Wyckoff Wave Had Spring, And Test Complete?

The Wyckoff Wave was down slightly for the week.  Volume is still at low levels.
The O-P was up for the week.
The Force Index was flat for the week.
We was looking for another test of the supposed “spring” in last week’s trading.  Thursday, we had a quick selloff, that could have been that more important test of the spring.
The Technometer is now nearing overbought, and will probably reach that on much rally early this week.
We expect continued sideways action here…..

The OP is leading the Wave in last week’s trading.  This is what is taking our Technometer to overbought levels much quicker.   Buying volume, that is not taking price up a corresponding amount.

In the larger picture we continue to see range bound trading.  For the time being, it appears we can expect still more.
The Technometer will reach overbought this week, on any further rally, so we would expect resistance to hold and to try the downside again.

The Wyckoff Wave Growth Index (WWG) was up for the week as expected.  Volume continues at lackluster levels.
We sold the majority of our long stock positions on Thursday, as shown by the red arrow/circle.
Technometer is overbought, and we would expect some sideways consolidation, or a correction of the last few months rally.

The SPY finished the week at all times highs once again.  Volume is not coming in strong.
Technometer is still near overbought, and we would expect some type of consolidation.

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The bond market was up nicely for the week, but closed well off the highs on Friday.
Our Technometer reached overbought on Wednesday, and we used that as an opportunity to exit any long positions, and look for a pullback.

The GDX finished the week up slightly.
As you can see from the red circles, we have went from a deeply oversold Technometer to one that is near overbought at 47.1  During this time price has gone sideways.   This type of price action is normally bearish.
We are still short, and looking for more downside.

The long dollar ETF, UUP was down for the week.
The Technometer had went from extreme overbought to oversold as shown by the green circle.   We would expect this market to catch itself, and try to move higher.

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If you are interested in Wyckoff stock chart analysis as well as Cryptocurrency, search “Learn Crypto / Wyckoff SMI” or click this link https://www.youtube.com/channel/UCDxK2PwEDvoaHZgjPV_WgcA
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Good Trading,

Todd Butterfield

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