Wyckoff Wave Sideways Before Lower?

The Wyckoff Wave was down slightly for the week.  Volume was at slightly lower levels.
The O-P was down slightly for the week.
The Force Index was down slightly for the week.
The Technometer is near neutral.

The OP is slightly weaker than the Wave.

The Wyckoff Wave was down for the week, but closed well off the lows of Thursday.  Volume was at low levels.
We had expected selling to take the upperhand this past week, which everything went according to plan until the reversal higher to close the week.  We are still leaning for a correction from these levels, but the action early in the week will be telling.
The Technometer is near neutral and is not giving us much help.

The Wyckoff Wave Growth Index (WWG) was up strongly once again with the Nasdaq stocks surging higher.
The Technometer is still registering overbought levels.

The SPY finished higher for the week.  We had called for an upthrust and test last week, which looked appropriate before late Thursday/Friday reversal higher.
The Technometer is still near overbought, so possibly we could have a more inportant upthrust this week.   We are still leaning for a correction here, and will be on the lookout for another sell entry.
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The bond market closed strongly higher for the week as we had expected.
Our Technometer was at overbought coming into the week, and continued to get extreme overbought.  Price action was very positive before Friday’s reversal, but it did occur on low volume.
We still expect the TLT to continue to work somewhat higher as stocks continue to work lower.

The GDX finished the week higher.
Our Technometer returned to overbought on Friday, and we are short with slight losses.
We are bearish metals here and expect lower….

GDXJ we look for lower as well.

The long dollar ETF, UUP was down for the week.
Volume is lacklaster as well as price action, so we are on the sidelines.

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Good Trading,

Todd Butterfield