Wyckoff Wave Continues Range Bound and Quiet.

The Wyckoff Wave was up slightly once again for the week.  Volume decreased from the previous week.
The O-P was flat for the week.
The Force Index was down for the week.
Last week’s comments still stand……..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 down slightly for the week.  Volume continues to fall as we move sideways the last few months.
We was looking for a selloff to give us a nice entry for further rally attempts.  The Technometer gave us that oversold reading Thursday as shown by the green circle.   We took that as an opportunity to buy some Nasdaq type growth stocks.
Friday was nice recovery, so we will see if we can extend the gains this coming week.

The SPY finished the week higher.  This market is giving us no signs of aggressive selling to come.
We had mentioned the reasons to look for a buy entry, and we got that Thursday.  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.  Then, the Technometer got close to oversold as well.
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The bond market was up for the week, as we wanted.
Our Technometer is still near 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 are trailing protective sell stops, and see if this uptrend can take us a little higher before turning lower once again.

The GDX finished the week lower as expected.
We still have an overbought Technometer and price started to break down.  We will stay short with protective buy stops above us.

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

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Good Trading,

Todd Butterfield