Wyckoff Wave Buying Climax?

The Wyckoff Wave was sharply higher for the week.  Volume was slightly higher.
The O-P was up for the week.
The Force Index was up for the week.
The Technometer is extreme overbought.

 

The OP and Wyckoff Wave are in unison.

 
The Wyckoff Wave was up for the week and continued its pattern of gains.
The Technometer is now extreme overbought and Friday could have been a buying climax.  We had a nice increase in volume and a close middle of the range.  We are still of the opinion that this rally has ran its course.
We would expect a turn down from these levels.  
 
The Wyckoff Wave Growth Index (WWG) was up for the week, and underperforming for the week.
The Technometer is also overbought, and we expect this market to turn lower as well.

 
The SPY finished the week higher with the rest of the general market.
The Technometer is also extreme overbought, and we expect lower.
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The bond market closed sharply lower for the week.
Our Technometer relieved its oversold condition on Tuesday and allowed for further weakness.  Fridays’ action could have been a selling climax.
We would expect the TLT to work higher as stocks work lower.

 
The GDX finished the week lower.
The Technometer is neutral and price action on Friday has us leaning to a bounce next week.

 
GDXJ
 
The long dollar ETF, UUP was down for the week again.
Volume increased late in the week, and this market could be ready to turn up finally.

 
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Good Trading,

Todd Butterfield