Wyckoff Wave Had Spring, Still Needing A Test?

Todd Butterfield Week In Review 0 Comments

The Wyckoff Wave was down slightly for the week.  Volume decreased as well..

The O-P was down for the week.

The Force Index was up for the week.

We was looking for a test of the supposed “spring” last week.  We might have had that Tuesday, or we could test it again this week.  Volume has been lethargic coming into the July 4th weekend.

The Technometer has been trading around neutral, and offering us no help at the moment.

The Wyckoff Wave and OP are moving somewhat in unison.

In the larger picture we changed our Wyckoff markings to show a “spring”.  We look for higher but we are at previous resistance as shown by the red supply line.   We are in the area, which could provide resistance if the last few months is distribution and we are headed lower.

The Technometer neared overbought last week, and stopped the rally at the red line resistance.   We might need further testing of the spring, and if the test of the spring fails, we could see a nice correction beginning.

The Wyckoff Wave Growth Index (WWG) was up for the week as expected.  Volume continues at lackluster levels.

We are still long Nasdaq type stocks as shown last week.  We think these stocks will continue still higher this week, as momentum is on our side.

Technometer is near overbought, but not there as of yet, and has kept this rally alive.

The SPY finished the week at all times highs once again as expected.  Once again, volume leaves alot to be desired for the bulls.

Technometer is finally registering overbought at a reading of 51.4.   The rally could be coming to an end here, and we might need another rest before continuing higher.

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The bond market was up nicely for the week, and continuing the dashed blue uptrend.

Our Technometer was nearing oversold to begin the week, and that was all this market needed to turn back to the upside.  Appears there is more upside, before reaching a top.

The GDX finished the week basically unchanged again.

We had mentioned the deeply oversold Technometer could give us a bounce here.   But as you can see from the green circles, we have went from a deeply oversold Technometer to one that is neutral, while the GDX 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 up for the week as expected.

The Technometer had went from extreme overbought to much more friendly last week, and still friendly as of today.   We did have a short term upthrust to finish last week, but we would expect this market to possibly still catch itself, and try to move still higher.

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Good Trading,

Todd Butterfield

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