Wyckoff Wave Back Into The Trading Range As Expected.

The Wyckoff Wave traded higher for the week as needed by the bullish scenario.   Volume was lower on the rally.
We wanted to see the Wave rally back into the trading range last week, and it did exactly that.  Volume to the upside did not come in, so rally was not as strong as we would have liked.  The Technometer is near overbought, so we would probably expect some back and forth trade in a narrow range before trying further upside.
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The Wyckoff Wave is lagging the OP slightly to the upside.
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The Wyckoff Wave Growth Index did bounce off the support line of the uptrend as expected.   As mentioned last week, we did not get an oversold Technometer, and now we are close to an overbought one.   Still think we continue higher from here but not getting a high confidence trade setup for a low risk entry.
Technometer is near overbought at a reading of 48.4.
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The SPY closed at an all time high Friday.  Volume was lower on the rally.
The Technometer has now went from a near oversold reading of 39 at the lows, to a current reading near overbought of 49.9.   It appears we need a slight correction before further strength.   We have continued to talk higher stocks intermediate term, and that still seems the case.
The Technometer is overbought at a reading of 49.9.
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The bond market was down sharply for the week as expected.   We was expecting a top in bonds, and last weeks action helped confirm it.   As you can see, the Technometer is now sharply oversold, so lets look for a bounce before further weakness.
The Technometer is deeply oversold, with a reading of 32.28.
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The GDX closed the week down slightly.
The Technometer has been near oversold, but we have no divergences between OP/Price.   So once again we are staying on the sidelines until a high conviction trade appears.
Technometer is near oversold with a reading of 40.69.
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The long dollar ETF, UUP closed down slightly for the week, and we continue to feel this market is making a top.   With the Technometer that went from oversold to overbought this last week, we could be ready to turn down again.
The Technometer is overbought at a reading of 52.64.
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Good Trading,

Todd Butterfield

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