Wyckoff Wave Still Has More Downside?

The Wyckoff Wave was down for the week as expected.  Volume was average.
The O-P was down for the week.
The Force Index was up for the week.
The Technometer is neutral.

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

The Wyckoff Wave was lower for the week as expected.  It appears all markets have rolled over and we are looking for still lower.
The overbought Technometer stopped the rally as expected, and now we are looking for more downside price action.  Technometer is neutral.

The Wyckoff Wave Growth Index (WWG) was slightly higher last week as expected.
The Technometer has been near oversold and we expected a little more to the upside before this market was to turn lower.  We are still of that opinion, but expecting surprises to the downside.

The SPY finished the week lower as well.
The Technometer was near oversold and did recover to approximately 46 last week.  That was probably enough to keep this market now working lower.
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The bond market was down once again for the week and made another new low for the move.
Our Technometer has not gotten friendly on any of the decline, so we do not get a sustained rally.  We still think stocks can work lower, and bonds recover some recent losses.

The GDX finished the week up slightly again.
Technometer is back to near overbought once again.  We are still short and looking for further weakness.

The long dollar ETF, UUP was sideways for the week, as we are trying to work thru resistance at the previous support level.
The Technometer is near oversold as marked in green, so we think we can continue to trade higher.

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Good Trading,

Todd Butterfield

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