The Wyckoff Wave at the Creek

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This past week the Wyckoff Wave was once again lower.  The Wyckoff Wave has continued to back up to the recently jumped short term resistance.   It did this on slightly lower volume as it has for the last three weeks.   For the week, price and volume suggests some supply still present.

The Technometer is trading slightly above oversold.

The S&P was down 1.62% for the week while the Nasdaq was down 1.96%.

The Wave once again began the week with a a slight rally but succumbed to selling on Wednesday/Thursday which drove it thru the previous weeks low.  Friday we had a slight recovery to end the week.  Volume was steady from the week before.

The O-P continues to trade lower and took out the previous week’s low as well.

The Force Index was sideways for the week, which it has been for many weeks.

 
On the longer term chart below it is concerning that we could not rally to the recent overbought line of the uptrend.  With the Wyckoff Wave just coming off an oversold Technometer, and backing up to the recent creek, we should get another chance to rally.  Lets see if we can rally off the danger level of the creek, or are we going to fall back into the creek.
 

 
The Wyckoff Wave Growth Index (WWG) continued its correction to the support line of the uptrend last week and broke it slightly on Friday.  The Technometer is nearing oversold but not there yet.  We have been more bearish this market and rightly so.
 

 
The bond market once again rallied to a new high for the week and this recent uptrend.  We are partially short and still looking to add to shorts as the Technometer is extreme overbought here.  We expect this market to turn lower.
 

 
Good Trading,

Todd Butterfield