Wyckoff Wave Rallying Back to Resistance Again

The Wyckoff Wave was up for the week.  Volume was at continued reduced levels.
The O-P was up for the week.
The Force Index was also up for the week.
The Technometer is nearing overbought levels.

The OP and Wyckoff Wave are moving in sync.

The Wyckoff Wave rallied last week last week, on low volume.
The oversold Technometer did allow us to bounce last week as expected.  We did not look for much of a rally before the Technometer would return to an overbought reading.
We are close to that now and should be overbought on any rally at the beginning of the week.  We would then look for another pullback.

The Wyckoff Wave Growth Index (WWG) was up for the week and extended its gains above resistance.
The Technometer is at overbought and we would like to see a correction back to previous resistance.  Let’s see how our uptrend line holds early in the week.

The SPY finished the week nicely higher again.
The Technometer was near oversold and we expected a rally just not as strong as we got.  We now have an overbought Technometer as expected, and would expect another pullback this coming week.
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The bond market closed sharply lower against our indications.
Price action was very bearish last week with more downside volume coming in.  We are still major oversold so would expect a sharp corrective rally at any moment.

The GDX finished the week slightly higher.
We expected this market to continue lower, but it continues in what looks like a sideways triangle consolidation.  We must watch early in the week, to see if we will try one more rally to the upside.  The dollar is near the lows which could go to one more new low as well and help metals reach the recent highs.
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 down for the week.
The FED talk brought us volatility Thursday, but Friday we had continued selling.  We could see the dollar spring the recent lows, to put in a final low for this recent multi month selloff.
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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