Wyckoff Wave Had Spring, Now Need Test!?

The Wyckoff Wave was up nicely for the week.  Volume decreased on the rally.
The O-P was up for the week.
The Force Index was up for the week.
Last week’s rally looks like a “spring” as expected.  The only issue is the lack of volume.  After this rally runs its course, we will have to see how the correction looks, and what volume does.
The Technometer is nearing overbought levels which in a few days could slow the rally.

The Wyckoff Wave and OP are moving in unison.

In the larger picture we changed our Wyckoff markings to show a “spring”.  We look for higher but we are at previous resistance as shown by the red supply line.   We are in the area, which could provide resistance if the last few months is distribution and we are headed lower.
The Technometer warns that this rally could end early in the week.

The Wyckoff Wave Growth Index (WWG) was up for the week, extending its gains as expected.  Volume continues at lackluster levels.
We are still long some Nasdaq type stocks as shown last week.  We think these stocks will continue higher this week.
Technometer is headed to overbought, but not there as of yet.

The SPY finished the week at all times highs as expected, after bouncing exactly at the blue uptrend support line. Once again, volume leaves alot to be desired for the bulls.
Technometer is nearing overbought here as well.

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The bond market was down for the week, and we are now on the sidelines.
Our Technometer is nearing oversold on this decline, and the dash uptrend line could be respected.
Entering longs early in the week, could be the trade.

The GDX finished the week basically unchanged.
We continue to have a deeply oversold Technometer, but thus far no bounce from it.
We are still short and will monitor.   We might try to cover this week and wait for a more overbought Technometer.

The long dollar ETF, UUP was down for the week.
The Technometer has went from extreme overbought to nearing oversold, which is what we mentioned last week could happen.  This is normally bullish type action from this indicator.  Price has also held higher levels nicely.  We look for the dollar to continue higher.

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Good Trading,

Todd Butterfield