The OP and Wyckoff Wave are trading in unison.
The Wyckoff Wave once again had no real movement for the week, and closed slightly higher. We had expected it to work lower, but for now it is just sitting at its resistance line of its longer term trading range.
The Technometer traded in a narrow range for the week, and finished slightly above neutral.
We are still expecting a pullback in the weeks ahead, but our confidence is not strong. We need to see some more trading to better understand recent price action.
The Wyckoff Wave Growth Index (WWG) traded higher for the week once again. The WWG has significantly outperformed the Wyckoff Wave.
The Technometer is still near overbought levels, and we would expect a correction. You can see here, the OP has supported the recent rally.
The SPY finished the week higher as well.
We had expected the SPY to turn lower, but thus far it has not occurred. The OP still continues to lag the upside rally.
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The bond market was down slightly for the week.
We are still on the lookout for a successful test of the spring lows and support of the trading range. The Technometer is still extreme overbought so it doesn’t seem we can rally strong as of now. We are on the lookout for a buy signal.
The GDX finished the week unchanged.
We are on the sidelines for this market. We have a new high in the OP this past week, with price correcting less than 50% of the previous decline. This along with the overbought Technometer has me expecting lower prices this week.
The long dollar ETF, UUP was up for the week. We have been rallying back to the top of the recent trading range as expected. The Technometer is extreme overbought so we would expect a turn lower.
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