Wyckoff Wave Still Testing Upthrust?

Todd Butterfield Week In Review 0 Comments

The Wyckoff Wave was down slightly for the week.  Volume did pick up from the recent low levels.

The O-P was up slightly for the week.

The Force Index was down for the week.

The Technometer moved to overbought two weeks ago, and had an expected upthrust.  Since then we have been looking for a test of that upthrust.   That could be completed in the last week of trading action.  We have a Technometer up 46, so we will be looking for the Wave to turn lower.

The Wyckoff Wave and OP are moving basically in unison.

In the larger picture we could have the Wyckoff Wave preparing to break the recent uptrend.  Lets see if we can get some selling to come in here if that does happen.

The Wyckoff Wave Growth Index (WWG) was flat last week.

The Technometer is still trading neutral, so it looks like the Growth index is trending lower.   We would like for a low risk place to enter shorts.

The SPY finished the week slightly lower.

The Techometer registered overbought two weeks ago, and thus far has kept a lid on this market.   Technometer is moving towards oversold so any selloff could give us a buy entry.

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The bond market was up for the week.

Our Technometer was oversold on May 12th, and only gave us an approximately 2 point rally in the TLT.  We have now got an overbought Technometer once again.   This action does not look friendly.

We will enter sell stops at recent lows and see if this uptrend can take us a little higher before turning lower once again.

The GDX finished the week higher.

The GDX rallied strongly Monday, then spent the rest of the weak moving slightly lower.  We did register an overbought Technometer at the highs so lets see if this will usher in some type of correction.

The long dollar ETF, UUP was lower for the week.

The Technometer was oversold, and now almost overbought with no net progress to the upside.   This market is continuing to look sick.

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Good Trading,

Todd Butterfield

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