Wyckoff Wave Now Testing Upthrust?

The Wyckoff Wave was down for the week.  Volume continues at relatively low levels.
The O-P was down slightly for the week.
The Force Index was up for the week.
The Technometer moved to overbought last week and we was looking for the rally to end, and for the Wave to experience an upthrust.   So far this looks exactly what happened.   The late rally Thursday/Friday should be the test.   We look to see if we can turn lower again after a successful test.

The Wyckoff Wave and OP are moving in unison.

The Wyckoff Wave did not jump the resistance but upthrusted it as expected.   We still see no real interest from buyers, so we think worse case more sideways trading range type action.   The Technometer is neutral.

The Wyckoff Wave Growth Index (WWG) was sharply lower last week.
The Technometer is still trading neutral, so it looks like the Growth index is trending lower.   We will look for a bounce to sell short.

The SPY finished the week lower.
The Techometer registered overbought last week and turned this market lower.   We almost got to an oversold reading on Wednesday, so we finished the week strong again.   Technometer is now neutral so we will look for some trading range type action until an overbought reading again.
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The bond market was down for the week in unison with stocks.
Our Technometer had been at extreme overbought levels weeks ago, but now registered oversold on Wednesday.   We still think the TLT could continue to recover recent losses by resuming an uptrend as shown.

The GDX finished the week slighlty higher.
The GDX tried to move lower with stocks last week, but once again finished the week on a rally.  Technometer is working towards overbought but not there as of yet.
Everyone is on the inflation talk, and buying some Gold, but we are wanting to try and stay short.  Patience is running extremely thin.

The long dollar ETF, UUP almost flat for the week.
We are still long this market, and our Technometer is oversold as shown by the green circle.  We also have the OP hitting new lows once again while the UUP puts in a higher low.  This is a bullish divergence.
Lets see if we can start some type of recovery rally.

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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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