Wyckoff Wave Overbought, Trying To Hold Gains.

We are still having an issue with the calculation of our Wyckoff Wave that are developers are working on.   This week there will be no Wyckoff Wave chart.  The Wave did work slightly higher again last week as expected.
Apologize for the inconvenience.
The Wyckoff Wave Growth Index (WWG) finished the week slightly lower last week.  As mentioned we needed more positive action last week with higher volume to the upside, but we did not get it.  The action does not look very bullish to start the week.
Technometer is near overbought at a reading of 47.9.

The SPY finished the week higher as expected.
The SPY held its gains late in the week, in face of an extremely overbought Technometer.   This is positive action thus far.
We would like to see the Technometer come off of overbought while the SPY continues to hold higher.  We think after some early trading this week, we could still try to extend the last two weeks rally.
The Technometer is near overbought at a reading of 54.4.

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The bond market was down slightly for the week as expected.  This market could continue Friday’s recovery, but we think at some point we will turn lower once again.
The Technometer is near overbought, with a reading of 47.5.

The GDX continues to press higher as expected, but did have a quick reversal lower on Friday.
Technometer has quickly came down to oversold.   We like the action here for continued strength in GDX.   Price has rallied nicely, while the OP has reset to oversold.   We look for higher…..

The long dollar ETF, UUP was down slightly for the week as expected.  Our Technometer is now extreme oversold, so we could have a bounce at any moment.  If it doesn’t bounce it will show how internally weak it is.
We are bearish intermediate term.
The Technometer is extreme oversold at a reading of 30.38.

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Good Trading,

Todd Butterfield