Wyckoff Wave Holding Gains.

The Wyckoff Wave was down for the week.  Volume was average.
The O-P was down for the week.
The Force Index was down for the week.
The Technometer is nearing oversold.

The Optimism Pessimism Index and the Wyckoff Wave are trading in unison, with the OP selling off a little late Friday while prices held.  This made the Technometer more oversold.

The Wyckoff Wave closed lower for the week as we expected.  So far the selloff was very limited and looks corrective in nature.
Our Technometer was overbought and now back near oversold.  This looks like bullish action and we could be looking for stocks to buy early in the week.  We have added positions in a few names already for our ProTraders.

The Wyckoff Wave Growth Index (WWG) ended the week lower as well.  We thought we would see a steeper correction but thus far it has been muted.
Technometer is above neutral and will allow further downside action.

The SPY finished the week lower as well.
The Technometer was overbought and now neutral.  We would think we could see a little more correction early in the week.  If it is not aggressive selling with increased volume, it could be a backup to the resistance we jumped as shown by the blue trading range.   We will be looking for stocks to buy if that is the case.
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The bond market rallied nicely for the week as expected.
We had talked about the OP hitting new lows while price held with an oversold Technometer.  This setup propelled us higher this week.
The problem is the Technometer registered an extreme overbought reading on Friday so we sold our long positions for a profit, and now on the sidelines.
We are still in a downtrend and up against previous support, so we could turn lower once again.  We will be looking at entering shorts…..

The GDX finished slightly lower.   We are in the “Markdown” phase and expect still lower.  A declining dollar has not added much buy interest to the metals complex.  We think this is bearish metals as well.
The Technometer is nearing oversold so we would like to see some downside action this coming week.
We are still short.

GDXJ looking continued weak as well.
The Technometer is near overbought so we should see more downside.

The long dollar ETF, UUP was up for the week.
The long dollar ETF rallied some last week off our hopeful spring.  It was not a strong rally so it is suspect.
Technometer is extreme oversold so lets see if we can add to gains this week.

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Good Trading,

Todd Butterfield