Wyckoff Wave Continues To Edge Higher.

The Wyckoff Wave was up for the week.  Volume was average.
The O-P was up for the week.
The Force Index was up for the week.
The Technometer is neutral/overbought.

The Optimism Pessimism Index and the Wyckoff Wave are trading in unison.

The Wyckoff Wave closed higher for the week once again.  We was looking for a turn lower up at these levels.
Nothing new to add.  We think the rally is tired and you can see the OP is not rallying at all.
Our Technometer was overbought and still neutral/overbought so we still think we can work lower.

The Wyckoff Wave Growth Index (WWG) ended the week higher as well.  We still think we are testing the highs and look for a turn lower.
Technometer is above neutral and will allow further downside action.

The SPY finished the week higher as well.  We thought we had completed an upthrust and test and expected lower.  This did not materialize.
The Technometer is overbought and we think tells us to continue to look for a pullback.  We have no positions but would like to get short soon.
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The bond market closed down for the week.
Middle of the week, we had the OP hitting new lows for the recent move while price was holding.  This was bullish action.
Technometer also registered an oversold reading.  So we established a long position and have a close stop at the previous low.

The GDX finished the week higher.   We are in the “Markdown” phase and expect still lower.  A declining dollar has not added much buy interest to the metals complex.  We think this is bearish metals as well.
The Technometer is now overbought and should allow more selling to come in now.
We are still short.

GDXJ looking continued weak as well.
The Technometer is now overbought and we turned lower late in the week at the dotted line which also was earlier support three times.
Lets look for more downside.

The long dollar ETF, UUP was down for the week.
The long dollar ETF continued lower but we still think we could see a spring at these levels.

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Good Trading,

Todd Butterfield