Wyckoff Wave Ready For A Bounce From Last Week’s Selling?

The Wyckoff Wave was down for the week.  Volume increased slightly on the selloff.
The O-P was down for the week.
The Force Index was down for the week.
Last week’s selloff was not what we was looking for with our labelings.  We think possibly we could still be completing a “spring”, and could see further rally attempts.
The Technometer is still near oversold levels which could help rally atttempts.

The Wyckoff Wave and OP are moving in unison.

In the larger picture we changed our Wyckoff markings.  We think we can bounce here, so the “spring” is shown as such.
The oversold Technometer as shown in green, has us looking for a correction of last week’s selloff.

The Wyckoff Wave Growth Index (WWG) was up for the week as expected.  Volume continues at lackluster levels for the time being, but increased slightly.
We are still long some Nasdaq type stocks as shown last week.  We think these stocks will continue higher this week.
Technometer is back to near neutral, and think allows us further rally attempts.

The SPY finished the week lower.  Technometer is near neutral, and as the Wyckoff Wave, we think we could still bounce here at the support line of the uptrend channel.

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The bond market was up strongly for the week, once again as expected.  The FED meeting ignited a strong rally, as everyone is looking for the economy to now slow, and many leveraged overcrowded positions got liquidated.
Our Technometer did not get more overbought on the rally.
We are still long and will continue to monitor.

The GDX finished the week sharply lower as expected.
We now have a deeply oversold Technometer as expected on such a strong break lower.
We are still short and will monitor.   We might try to cover this week and wait for a more overbought Technometer.

The long dollar ETF, UUP was up sharply for the week.
The Technometer is still extreme overbought, and we are back to a previous breakdown level.   I would think we could trade sideways here to relieve the overbought Technometer, then see if we can break resistance on next oversold Technometer reading.   But it seems, the long term shorts might have a problem on their hands.

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Good Trading,

Todd Butterfield

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