Wyckoff Wave Trying To Bounce.

The Wyckoff Wave was down for the week.  Volume was lower last week.
The O-P was down only slightly for the week.
The Force Index was flat for the week.
The Technometer is neutral.

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

The Wyckoff Wave closed lower for the week.  Volume was lower for the week as aggressive selling did not come into the market this week after Mondays selloff.
The Technometer is at neutral levels.  We had called for the end of the short term correction at Thursday’s opening.  We felt like selling volume was not coming in and it would lead to a corrective rally.  We think next week we will see further rally attempts, and the Technometer to return to overbought.   Then we will be looking to return to short positions.

The Wyckoff Wave Growth Index (WWG) was slightly higher for the week.
We was looking for more selling last week in the growth stock area and we got it coming into Thursday mornings opening.  On that opening we covered our shorts and went long CTAS and MASI.   We look for further rally early part of next week.
The Technometer is working its way back to overbought, and we will be looking for this market to rollover once again and work still lower.

The SPY finished the week lower as expected.
The Technometer is near neutral and we also expecting further rally before we turn lower again.  We will watch the Technometer and look to be short on an overbought reading.
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The bond market closed slightly higher as expected.
We was expecting a stronger rally last week, and it was very muted.  We now have the Technometer returning to near overbought from an oversold level two weeks ago.
This market needs to give us a better Technometer reading before we are comfortable with long positions.

The GDX finished the week sharply lower.
We also covered our shorts in this market on Thursdays weakness.
We had thought the dollar might give back some of its recent sharp gains, so we sold positions and look to renter shorts on a rally.
Any further rally attempts will probably return our Technometer to overbought quickly.

GDXJ Technometer will be quickly back at overbought as well.

The long dollar ETF, UUP was up sharply as expected.
We have shown our Wyckoff markings, and we was expecting a Jump of the Creek last week, and we got it.
We were showing the OP downtrending last few weeks while price held higher levels.  This with an oversold Technometer was a bullish indication.
Sentiment was extreme bearish at the recent lows and we expect this market to continue to work higher in the Markup phase.

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Good Trading,

Todd Butterfield