Wyckoff Wave At The Top Of The Intermediate Term Range.

The Wyckoff Wave traded sharply higher as discussed last week.   Volume was much higher from holiday levels.
We wanted to see the Wave work slightly lower before heading to the top of the recent range, but it did not happen.    Quickly we are back at the resistance level and closed above it nicely on Friday.   The Technometer is near overbought but it appears there is more gas in the tank to take us still higher above the resistance.   We think the Wyckoff Wave continues in its bullish price action.
Technometer is near overbought at a reading of 47.75.

The Wyckoff Wave and OP are moving in unison.

The Wyckoff Wave Growth Index was down sharply for the week on higher volume.
Last week we was wanting a little more selloff to get our Technometer closer to oversold.  We did get a sharp correction to spring the lows of the previous few weeks.  Our Technometer did touch a 39 on Wednesday, and is currently at 42.  So we would look to nibble early in the week, and if we get a more oversold Technometer we would get more aggressive.
Technometer is now at a neutral/oversold reading of 42.

The SPY closed lower for the week as well, with higher volume.
We was wanting the SPY to possibly selloff to the blue horizontal line as shown on the chart below.  We did get that with Wednesday’s sharp selloff, and continued weakness to end the week.   Our Technometer has retreated from above 55, to below 41.   We will watch action early in the week, but we expect a low in this area, and another attempt at further highs.
The Technometer is neutral/oversold at a reading of 42.4.

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The bond market closed sharply lower last week, as well.   We had an overbought Technometer last week and felt upside was limited.   We are now back to oversold and we expect a short term low here as shown by the green marker.
The Technometer is oversold with a reading of 36.9.

The GDX closed the week lower.
The Technometer is now clearly oversold and we would expect this market to find support and work higher.  Looks like we are completing a test of the lows from a month ago.
Technometer is oversold with a reading of 33.66.

The long dollar ETF, UUP closed slightly higher for the week, on slightly higher volume.  We are wanting to be short here, but the Technometer was near oversold to begin last week so we stayed on the sidelines.   The Technometer is now overbought, so we expect the UUP to break this recent sideways range to the downside.
The Technometer is overbought at a reading of 50.89.

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Good Trading,

Todd Butterfield