Wyckoff Wave In A Short Term Downtrend.

The Wyckoff Wave was lower for the week.  Volume increased on the down days.
The O-P was down for the week.
The Force Index was down for the week.
The Technometer is near oversold levels.

The OP is slightly weaker than the Wyckoff Wave.

The Wyckoff Wave closed lower for the week as expected.  Volume came into the downside.
The Technometer has now came down to near oversold levels.  Price action is still bearish so we think for these type stocks the downtrend could slow until we work off the oversold condition.  We still expect lower prices.

The Wyckoff Wave Growth Index (WWG) was lower for the week as expected.
Volume was elevated on the selloff and it appears there can be more selling before this pullback is complete.  Lets see how the newly developed downtrend proceeds this week.  We are also back into the middle of the previous trading range, which means we could have had an upthrust completed.
The Technometer is below neutral but should allow some more downside in growth stocks.

The SPY finished the week lower as expected.
The Technometer is nearing oversold but we have a downtrend in place.  Volume was heavy on the selloff so it appears we are in the midst of a solid correction.  We are still short.
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The bond market closed slightly lower.
We are expecting a rally from these levels, and that is still our thinking.
We have a very oversold Technometer, and selling in the equity markets should keep this market well bid I believe.

The GDX finished the week slightly lower as expected.
We expected this market to continue lower, but it has still held in a triangle type pattern and managed to hold itself together.  We still think this triangle could give away and we work lower still with Thursday/Friday weakness.
The Technometer is near overbought so we are staying short.
Sentiment has been extreme bullish and we would expect more of that needs worked off in weeks ahead.

GDXJ is the same.

The long dollar ETF, UUP was up slightly for the week as expected.
We have shown our Wyckoff markings, and would like to see this market hold in this vicinity, and then jump resistance.
Sentiment is extreme bearish and we look for this market to make an intermediate low in this area.

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Todd Butterfield

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