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The Wyckoff Wave rallied slightly for the week. Volume was at low levels.
The O-P was up for the week.
The Force Index was up slightly.
The Technometer is trading near overbought levels.
The Wyckoff Wave is being leading by the OP last week.
The Wyckoff Wave is still trading slightly above the resistance of the recent purple trading range.
The Technometer neared overbought last week which told us that we probably was not going to get a jump across the creek, but just a test of the supply level of the long trading range.
We expected the Wyckoff Wave to spend the week correcting somewhat, when in actuality it held its gains and closed near its highest levels in recent months. We still look for a correction back into the trading range in the coming week.
The Wyckoff Wave Growth Index (WWG) traded slightly higher for the week also.
The Technometer is neutral/overbought, so we also expect this market to pullback in the coming week as well.
The SPY also finished the week higher. Friday’s rally had good spread, but volume leaves alot to be desired.
The Technometer is overbought, and we expect this market to correct back and test the recent breakout of the triangle.
The bond market had a nice rally for the week as we anticipated.
The Technometer is near overbought, but we look for continued rally in the bonds. The bounce last week could be labeled a spring, as expected, and further strength.
The GDX finished the week higher as expected.
The Technometer is neutral so I think GDX could still work higher along with the TLT. We will probably look to short this market in the near future again.
The long dollar ETF, UUP turned lower for the week after we entered our shorts. With the Technometer oversold we might not collapse here, but we want to be short, as we look for this market to continue its downtrend.
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