Wyckoff Wave Still Summer Doldrums.

The Wyckoff Wave was up slightly for the week.  Volume was up some but continues at consistent low levels.
The O-P was up for the week.
The Force Index was down for the week.
We have been looking for continued sideways action in our recent trading range, and it appears we can expect more of the same.
The Technometer is now at 45.7, so any further rally will probably take us to overbought again, and have us respect the top of the trading range resistance.

The Wave and OP are trading in harmony.

In the larger picture for the Wyckoff Wave, we continue to see range bound trading.  For the time being, it appears we can expect still more until we get ending action.
The Technometer is nearing overbought as we near the resistance of the trading range as marked by the BC (Buying Climax).

The Wyckoff Wave Growth Index (WWG) rallied strongly for the week against our expectations.  Volume was extremely low last week.
We are still on the sidelines looking for lower.  You can see the OP continues to hit new highs which shows buying, but price is not at recent highs.
Technometer is nearing overbought, so we expect this market to try the downside once again as it registers overbought on the Technometer.

The SPY finished the week higher as well.   On the SPY, we have been looking for a correction but it is not happening.
You can see the uptrend channel looks tired, as prices have continued to not have the strength to rally to the overbought line of that uptrend.   This looks bearish…. The SPY continues to respect the blue uptrend line like clockwork.
The fly in the ointment for the bearish case, is the Technometer nearing oversold.  This near oversold reading will have to be monitored early in the week.

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The bond market was down for the week as expected, and continues to trade sideways.
Our Technometer is still at an overbought reading, so we expect more weakness in the week ahead.  The OP closed at a recovery high on Friday, while price did not once again.  This coupled with the overbought Technometer looks bearish.

The GDX finished the week higher as expected.
Technometer is still near oversold, so we could continue last weeks rally attempt.

The long dollar ETF, UUP was down for the week.
The Technometer was overbought last week, and now quickly to extreme oversold.  This is because the OP has had extreme pressure on it the last few weeks.
This market needs to be watched closely, as the current oversold Technometer needs to support prices, or we could have a solid move lower, to possible new lows below $24.

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Good Trading,

Todd Butterfield