Wyckoff Wave Gave Us Nice Buy At The Low.
The Wyckoff Wave was up for the week as expected. Volume was below average.
The O-P was down for the week.
The Force Index was also down for the week.
The Technometer is neutral.
The Optimism Pessimism Index is underperforming the Wyckoff Wave on the rally.
The Wyckoff Wave was higher for the week as expected. We was expecting lower for the week, but on Thursday our Technometer gave us the buy signal we was looking for and turned the market around.
The oversold Technometer got us a nice rally to end the week. We are now at neutral so we expect new highs for this move.
The Wyckoff Wave Growth Index (WWG) was slightly lower last week.
The Technometer is nearing oversold so we expect the WWG to rally in conjunction with the Wyckoff Wave.
The SPY finished the week higher, after being lower early in the week as expected.
We began the week moving lower as we had called for because of the near overbought Technometer. The Technometer then registered an oversold reading Wednesday/Thursday and gave us a buy signal. We are now at neutral so we expect higher prices this week.
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The bond market was slightly higher for the week.
Our Technometer registered an extreme overbought reading on Thursday, but we felt like this was more caused by strong buying as shown by the OP reading. We think we could still push a little higher before getting a sell signal. We are still long with losses.
The GDX finished the week lower as expected.
The Technometer was overbought as shown by the red circle, and turned the market lower. We are still short and looking for further weakness.
The long dollar ETF, UUP was up nicely for the week as we overcome the resistance as expected.
The Technometer is now at neutral, and I think allows us to still work a little higher.
The last two buy divergences as shown by the blue lines, were accompanied by oversold Technometers as marked in green, and has kept us moving higher.
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Good Trading,
Todd Butterfield
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