Wyckoff Wave Still Range Bound and Quiet.

The Wyckoff Wave was up slightly for the week.  Volume increased slightly once again.
The O-P was up slightly for the week as well.
The Force Index was down for the week.
We are having sideways range trading action with no clues of how or when we leave the range.   We are slowly trying to fall out of the uptrend, but still hugging the demand line.
The Technometer is sitting around neutral, so no help there either.

The Wyckoff Wave and OP are moving basically in unison.

In the larger picture we have the Wyckoff Wave slowing its uptrend, but no decisive break of it as yet.

The Wyckoff Wave Growth Index (WWG) was plus for the week.  Volume continues to fall as we move sideways the last few months.
The Technometer is nearing oversold so we are still expecting higher prices here.   A selloff to begin the week could give us a nice long entry for further rally attempts.

The SPY finished the week slightly higher.  This market is giving us no signs of aggressive selling to come.
You can see the OP is hitting a new low for the last two weeks, while price holds higher, this is a bullish divergence on a short term time frame.  Thus, the Technometer is moving towards oversold so any selloff could give us a buy entry.
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The bond market was up slightly for the week, as we wanted.
Our Technometer is still in the overbought range, so this action does not look friendly short term, but we are still in a slight uptrend after major selling months previous.
We will enter sell stops at recent lows and see if this uptrend can take us a little higher before turning lower once again.

The GDX finished the week basically flat.
We still have an overbought Technometer but price continues to hold higher.  We are still short but concerned…..

The long dollar ETF, UUP was flat for the week.
The Technometer is back to oversold, so lets see if we can hold in this vicinity, and still work higher.

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Good Trading,

Todd Butterfield