The Wyckoff Wave traded up for the week as expected. Technometer neutral and no glaring divergences between price/OP, so it appears we can still work higher.
Would probably tighten up protective sell stops, as we would think at some point soon we will correct the recent strong advance.
The Wyckoff Wave Growth Index (WWG) traded higher as well, and continuing its upside outperformance.
Technometer did reach overbought here, but we have continued higher with the other markets.
The SPY finished the week higher as well. Plenty of room in the purple uptrend to continue this rally. Technometer is neutral as well.
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The bond market closed higher for the week.
Our Technometer was overbought as marked by the red arrows.
Friday, TLT saw a nice reversal and it appears this market has topped for the time being. We would try to enter shorts, if you have not.
The GDX finished the week higher once again.
We were at extreme overbought on the Technometer, but since we have backed off to just above neutral. The purple uptrend looks like it could give away this week. We have been bearish on these markets intermediate term, and still in that camp.
We want to be short but will monitor in days ahead for most opportune time/price to enter.
The GDXJ is back at is creek it fell thru, and looks like it met so met some resistance. The junior miners look much weaker than GDX…
The long dollar ETF, UUP was flat for the week.
We wanted to see some more testing on the downside for our backup, and with our Technometer neutral we are on the sidelines.
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