Wyckoff Wave Rolling Over Here?

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

The Optimism Pessimism Index and Wyckoff Wave are moving somewhat in unison.

The Wyckoff Wave’s was higher for  the week.  We think stocks are rolling over here for a correction and we gave a sell Tuesday.  Volume has not been supportive on the recent rally so we are looking for more downside.
Our Technometer is near overbought so we are bearish here.

Charts on a few ProTraders positions.  WE SOLD ARE LONG POSITIONS.
The Wyckoff Wave Growth Index (WWG) was lower last week as growth stocks are seeing some underperformance.
The Technometer is coming off overbought, and we see the recent uptrend as vulnerable.

The SPY finished the week slightly lower, and we are short from Tuesday’s sell signal.
The Technometer came off of extreme overbought, but is supportive of still further downside.
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The bond market was down sharply for the week with more new lows for the move.  If stocks do turn lower, we would expect a bid for bonds at least over the short term.
Our Technometer was oversold and has now bounced to overbought even with the selling coming in late in the week.   This action is perplexing here.  We are long some and will monitor this action closely.

The GDX finished the week sharply down as expected.
We are short and expect still lower.  If stocks continue lower here, the precious metals miners could see sharp selling.

The long dollar ETF, UUP was flat for the week.
The Technometer is near oversold, and you can see that over the last few weeks the OP has touched a new low while price is holding higher.  Possibly this will be enough to start another short covering rally.

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Good Trading,

Todd Butterfield