The OP is trading weaker than the Wyckoff Wave.
The Wyckoff Wave had a sharp rally this last week. We adjusted the longer term trading range support/resistance lines to now better contain the action.
We had expected further weakness back into the middle of the trading range last week. Instead we experienced a sharp rally back to the resistance.
The Technometer has been giving us no recent help for us to better understand the recent action.
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 sharply higher. We had expected further correction and was surprised to the quick return to 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 down slightly for the week.
Our Technometer is neutral. We took the selloff into Wednesday, as an opportunity to establish long positions for our ProTraders. We will monitor this position closely but would expect a new high here above $146.
The GDX finished the week lower as expected.
We have a very oversold Technometer, so we might be looking for a “Spring” this week, to establish a long position. We will monitor this market closely next few days.
The long dollar ETF, UUP was up sharply for the week.
We also moved the resistance line up, as before we had shown the dotted resistance line. We are now back to resistance and an extreme overbought Technometer. We also have higher high in prices, while the OP is lagging considerably.
We might see an Upthrust here and a return to the trading range.
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