Wyckoff Wave Respected Resistance Again.

The Wyckoff Wave was up early in the week, then gave up all its gains to end the week lower.  Volume increased for the week, especially on the selloff.
The O-P was down for the week.
The Force Index was up for the week.
The Technometer is at neutral levels.

The Wyckoff Wave is slightly weaker than the OP.

The Wyckoff Wave rallied early in the week, then had heavy selling come into to drive it to a lower close.
We had expected the Wave to get overbought on any rally last week, then was looking for another pullback.
It appears with the neutral Technometer and heavy sell volume, we should continue to work lower in the days ahead.

The Wyckoff Wave Growth Index (WWG) was also up early in the week on low volume, and then saw heavy selling come in to drive it sharply lower as expected, as the uptrend gave away.
The Technometer is above neutral and should allow this correction to reach lower levels.

The SPY finished the week sharply lower as expected.
The Technometer was overbought and warned us we could see a correction.  It did come fast and furious and we would expect lower still.  We are still short.
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The bond market closed higher as expected.
We was expecting a sharp corrective rally which we got until Friday’s sharp selloff.  We are still oversold on Technometer so we think we could still work higher.  This market is acting a little strange so we must be on alert.

The GDX finished the week 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 Friday.  The dollar still looks like it could have made its bottom, so we are currently staying short the metals markets.
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 for the week as expected.
The dollar did spring the recent lows, and could have possibly 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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Good Trading,

Todd Butterfield

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