Wyckoff Wave Continuing Its Rally After Successful Test.

The Wyckoff Wave was up for the week as expected.  Volume was back to more normal levels.
The O-P was flat for the week.
The Force Index was also flat for the week.
The Technometer is neutral.

The Optimism Pessimism Index is lagging the Wyckoff Wave slightly to the upside.

The Wyckoff Wave recovered from Monday’s selling, and rallied the rest of the week as expected.  The selloff was corrective in nature at Monday’s low, and no major sell volume came in.  The Wyckoff Wave appeared to complete a backup/test at that low, and resumed its rally.
Our Technometer is neutral, so we do expect still higher until it gets overbought.  At that time we will re-evaluate our holdings.

Charts on a few ProTraders positions.
KEYS we purchased as you can see the OP was downtrending and price was holding, while the Technometer registered oversold.
KEYS had another strong week and we are still long.  Technometer was deeply oversold last week, and now working back towards overbought.

PAGS also had the OP work lower while the stock was making a backup to the creek while an oversold Technometer reading.  This one took off which is normal action after a backup to the creek.
Last week PAGS was down slightly, so we will monitor this one closely.  We still expect it to work higher here.

MSFT was weak early in the week so we took a small loss of $2.
TRIP was our most recent addition to our Protraders.
It exploded higher last week, and we are still long

The Wyckoff Wave Growth Index (WWG) ended the week higher as well.
The Technometer is neutral, and will still allow further gains.  Volume as shown by the OP, is not coming into the upside, which is a little troubling.  We will watch this week…

The SPY finished the week higher as well.
The Technometer is near oversold and will still allow further gains here as well.  If we did complete the backup as shown in the chart, then this rally needs to get into high gear this week.  We will monitor the Technometer  and let it get to more overbought levels.
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The bond market was down sharply for the week.
Two weeks ago when the Technometer registered oversold, we mentioned that the rally was muted.  This lack of strong rally, lead to the turn lower last week.  We are now back to oversold on the Technometer.  This will probably lead to a bounce as we are also at the oversold line of the downtrend.   We will stay on the sidelines for now.

The GDX finished the week up slightly, after being strongly higher early in the week..
We wanted to see this market turn lower last week, which it did.  We are short and do not want to see a recovery above last weeks highs.

GDXJ turned lower as well…

The long dollar ETF, UUP was flat for the week.
We are looking for further upside.  We will monitor….

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Good Trading,

Todd Butterfield