The Wyckoff Wave Still Respecting Resistance
The Wyckoff Wave closed up for the week. Volume was at slightly lower levels.
The O-P was also up for the week.
The Force Index was up in unison.
The Technometer is now slightly above neutral.
The OP is trading in lockstep with the Wyckoff Wave. Late rally on Friday, saw the OP rally at the close.
The Wyckoff Wave had a slight rally last week.
We had expected further weakness back into the middle of the trading range last week, instead it continued to hold near resistance.
The Technometer is still given us neutral readings, so no help currently.
We still expect resistance to hold, and a return to correction mode.
The Wyckoff Wave Growth Index (WWG) traded higher for the week once again.
With a near overbought Technometer, I would still expect this market to work sideways or lower from here.
The SPY finished the week slightly higher. We had expected a correction to start but we continue to hit slight new highs.
The Technometer is headed towards overbought, so we expect sideways to lower prices here as well.
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The bond market was flat for the week.
Our Technometer is neutral. We are still long for ProTraders, and expect further rally attempts above $146.
The GDX finished the week slightly higher.
We now have an overbought Technometer, after a very oversold Technometer lasts week gave us no rally to the upside. This type of action is considered bearish, and we would expect lower prices for the metals.
The long dollar ETF, UUP was up sharply for the week again.
We are now above resistance and an oversold Technometer, which appears to say we can continue higher here.
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