Wyckoff Wave Correcting To The Trading Range Support.

The Wyckoff Wave traded lower for the week.   Volume was lower than the previous week.
With the Technometer trading near oversold and the Wave testing support at the bottom of the trading range, it appears we will once again try to turn higher.  Any further pullback from here early in the week, should be another buying opportunity.

The Wyckoff Wave and OP are trading in unison.

The Wyckoff Wave Growth Index rallied all week, before succumbing to a little sell pressure Friday to close unchanged.  We are still in the solid uptrend and looking for a place to add to longs.  Our Technometer is slightly below neutral, so we would like to see a further pullback early in the week so we can add to long positions.
Technometer is below neutral at a reading of 43.02.

The SPY closed slightly higher for the week, and holding recent gains incredibly well.
The Technometer started and finished the week near neutral.  This appears to be really bullish price/volume action.    We want to add to long positions this week on any further pullback which could possibly get the Technonmeter near oversold.
The Technometer is near neutral at a reading of 45.64.

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The bond market was up slightly for the week, after a early week selloff, and a late week rally.  We was looking for this market to find resistance and turn lower.   Our Technometer is now back to overbought, so the TLT looks like it will continue stair stepping lower…..
The Technometer is solid overbought, with a reading of 52.39.

The GDX closed the week lower.
The Technometer was overbought and finally brought in some selling here late in the week.  This selling has brought the Technometer down near oversold.   Any further weakness early in the week should give us an oversold reading, and a chance to buy the Metals.  We will look for an entry for the long side….
Technometer is near oversold with a reading of 40.94.

The long dollar ETF, UUP continues higher and extending the recent breakout.  The Technometer is overbought and we was wanting to see some weakness in this market.  There has not been strong buy volume to the upside, so we are still suspect of this recent rally.   The overbought Technometer might bring in some selling this coming week.
The Technometer is overbought at a reading of 54.45.

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Good Trading,

Todd Butterfield