Wyckoff Wave Testing The Previous Lows.

The Wyckoff Wave traded lower for the week as expected.   Volume was higher on the decline.
We would now like to see the Wyckoff Wave have a couple days of slightly lower trade, with lower volume accompanying the decline.   This should get our Technometer to near oversold and give us a successful test of the lows from 3 weeks ago.  This should then allow us another stronger rally attempt.
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The Wyckoff Wave and OP are moving in unison.
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The Wyckoff Wave Growth Index was down slightly for the week on slightly higher volume.  The blue uptrend appears to be slowly giving away to sideways price action.
We now have an overbought Technometer while price action has been sideways to down.   This is not bullish action….  We expect lower trade for now.
Technometer is overbought at a reading of 51.32 .
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The SPY closed slightly lower for the week as expected.  Volume was slightly higher as well on the decline.
The Technometer was near overbought last week, and now registering near neutral.  We would like to see a little more selling the first few days of the coming week, and hopefully a Technometer that can register oversold.   This could give us a good low, and another chance for a rally to new highs once again.
The Technometer is neutral at a reading of 43.16.
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The bond market bounced last week as called for, because our Technometer was deeply oversold, but we are now back to neutral.   We will look for the Technometer to get closer to overbought once again on any further rally this week, and then another turn down in the price of the TLT.
The Technometer is neutral with a reading of 44.14.
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The GDX closed the week up slightly after a good amount of volatility after the FED meeting.
The Technometer was near oversold and gave us a reason to look for a bounce.  Now we are back to near overbought.  We still stay on the sidelines until we get a higher confidence setup.
Technometer is near overbought with a reading of 46.6.
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The long dollar ETF, UUP closed up slightly for the week, and we continue to feel this market is making a top.   With a Technometer that is still overbought we will be on the lookout for a possible short entry.
The Technometer is overbought at a reading of 53.14.
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Good Trading,

Todd Butterfield

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