Wyckoff Wave Rolling Over Again?

The Wyckoff Wave was up sharply for the week.  Volume was average.
The O-P was also up for the week.
The Force Index up slightly for the week.
The Technometer is near overbought.

The Optimism Pessimism Index and Wyckoff Wave are trading in unison.

The Wyckoff Wave closed sharply higher for the week.  Volume was average after increasing at the lows.
We was looking for the Wave to have an oversold bounce before heading lower.  The bounce was a little stronger than we was expecting.
We have returned to overbought on the Technometer so we think we can turn lower again.

The Wyckoff Wave Growth Index (WWG) ended the week higher as well.  We had expected more downside but had mentioned the oversold Technometer.  We should have respected that oversold reading as we bounced stronger than expected due to Election volatility.  We are at the levels of the previous TEST, so now we might be able to turn lower once again.

The SPY also finished the week sharply higher.
The Technometer was oversold which we did not jump on with long positions which was a mistake looking back.  We are now back to near overbought so we expect another turn lower.
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The bond market closed slightly higher for the week.
We are not sure how to read the recent action so we will stand aside.  It appears bearish…..

The GDX finished the week higher which was NOT expected.  We was wanting an acceleration lower, and we had sharp rally off of Election news.
The Technometer is deeply oversold, as you can see that it is in downtrend.  This shows no buying interest on last weeks rally.  We are still short and will monitor early in the week.

GDXJ slightly stronger but still looks bearish, or sideways.  The Technometer is at overbought so lets watch early in the week.

The long dollar ETF, UUP was down sharply.
The long dollar ETF did not jump resistance but upthrusted it.  We are back to deeply oversold so we could spring this area, but a strong rally looks delayed at best.

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Good Trading,

Todd Butterfield

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