Wyckoff Wave Respected Resistance, Whats Next?

The Wyckoff Wave was down for the week.  Volume was at reduced levels.
The O-P was down for the week.
The Force Index was also down for the week.
The Technometer is at oversold levels.

The OP and Wyckoff Wave are moving in sync.

The Wyckoff Wave declined last week last week, on reduced volume.
The overbought Technometer and previous resistance did stop the rally as we expected.   Also as pointed out, the quickly oversold Technometer hindered much downside progress.
It appears that we could bounce higher some this week.  We do not look for much of a rally though.

The Wyckoff Wave Growth Index (WWG) was up for the week and extended its gains above resistance.
The Technometer is neutral here, and we would like to see a correction back to previous resistance.

The SPY finished the week slightly higher.
The Technometer had went from overbought, to near oversold which allowed the SPY to continue this slow grind higher.  The oversold Technometer ahs not lead to much rally, so we are anxious to see how it acts if we get to overbought quickly this week.
The uptrend is still in tact here but could be tested if we do not rally this week.
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The bond market closed higher for the week as expected.
This oversold Technometer allowed us to rally this week.  We are still at major oversold levels, so we think this market can continue still higher this week.

The GDX finished the week slightly higher, but well off Tuesday’s high.
The sell off late in the week, we think puts us back on track for lower prices. A stronger dollar, which is our prognosis, will be a negative factor for this market.
Sentiment has been extreme bullish and we would expect more of that needs worked off.

GDXJ finished this week slightly lower, and has an overbought Technometer.  We expect lower…

The long dollar ETF, UUP was unchanged for the week.
We think this market is trying to make a low here.  It did have nice recovery late in the week and we expect this rally to continue.
Sentiment is extreme bearish and we look for this market to make an intermediate low in this area.

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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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