Wyckoff Wave Still In Corrective Mode.

Todd Butterfield Week In Review 0 Comments

The Wyckoff Wave was up slightly for the week.  Volume was slightly higher last week.

The O-P was down for the week.

The Force Index unchanged for the week.

The Technometer is slightly below neutral.

The Optimism Pessimism Index is weaker than the Wave.  Plus volume is not coming into the upside.

The Wyckoff Wave closed higher for the week as expected.  Volume was slightly higher as well.

We took profits on long positions on Monday as we had discussed.  We then was looking for signs of a short term top.  With volume not coming into the upside on the recent rally, we believe it tells us we are still in corrective type action.

The Wyckoff Wave Growth Index (WWG) ended the week almost unchanged.   We expected the rally to meet resistance and turn lower.

The Technometer was overbought and we took Mondays gap higher as an opportunity to book profits on our long positions.  We think we are in a correction mode, and expect to see lower price action this coming week.  The uptrend channel needs to be broken to get the correction going.

Technometer is now neutral.

The SPY also finished the week unchanged, after Mondays gap higher.

The Technometer is slightly below neutral and we expect further weakness in the coming week.   Uptrend channel was broken and respected so lets see if we can bring some selling in.

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The bond market closed higher for the week.

The Technometer reached overbought Tuesday/Wednesday, and stopped the rally.   We now have the Technometer back to below neutral.  We will continue to sit on the sidelines until this market gives us a better setup.  We could be doing a test of the early spring, and preparing for a rally.

The GDX finished the week lower as expected.

On Wednesday our Technometer did get close to registering an overbought reading.  This did bring in some slight selling, and we expect more in the week ahead.  So far we have respected the supply line that was previous support.  So lets see if we can bring in strong selling now.

GDXJ slightly stronger but still looks bearish.  The Technometer is closer to oversold here, so we will watch closely.

The long dollar ETF, UUP was higher as we were hoping for.

The long dollar ETF did hold Monday and reversed higher for the week.  We are still long and looking for continued strength.  Would like to see strong demand return here.

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Good Trading,

Todd Butterfield

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