Wyckoff Wave Still Looks Lower.

The Wyckoff Wave was up slightly for the week.  Volume increased on the down days.
The O-P was also up for the week.
The Force Index was up for the week.
The Technometer is near overbought levels.

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

The Wyckoff Wave closed slightly higher for the week.  Volume was higher late in the week with some reallocation and expiration.
The Technometer was at oversold levels last week, and we stated that the downtrend could slow while the wave works off that condition.   That happened as we went to an overbought Technometer on Thursday.  That ushered in the selling for Friday.  Price action looks still lower.

The Wyckoff Wave Growth Index (WWG) was lower for the week as expected.
We was looking for more selling last week in the growth stock area.  We have an established downtrend and we look for still lower.
Looks like we had the upthrust thru the top of the range as stated, and also a quick test and now moving thru the bottom of the trading range.
The Technometer is above neutral and should allow for more downside.

The SPY finished the week lower as expected.
The Technometer is near neutral and we have a downtrend in place.  Volume has stayed heavy on the selloff so it appears we are in the midst of further correction.  We are still short.
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The bond market closed slightly lower.
We are expecting a rally from these levels, and that is still our thinking.
You can see the OP has solid downtrend in place last few weeks, while price has put in higher lows.  This in conjunction with the oversold Technometer should allow us to rally from these levels.
Selling in the equity markets should keep this market well bid I believe.

The GDX finished the week basically unchanged.
We expected this market to continue lower, but thus far it is moving sideways.
The Technometer is nearing oversold but you can see on the GDXJ chart it is still near overbought, so we are staying short with buy stops at Wednesdays highs.
Sentiment has been extreme bullish and we would expect more of that needs worked off in weeks ahead.

GDXJ Technometer just came off of overbought.

The long dollar ETF, UUP was down slightly.
We have shown our Wyckoff markings, and would like to see this market hold in this vicinity for a Last Point Of Support, and then jump resistance.
We are showing the OP downtrending last few weeks while price holds higher levels.  This with an oversold Technometer is a bullish indication.
Sentiment is extreme bearish and we look for this market to make an intermediate low in this area.

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Good Trading,

Todd Butterfield

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