Wyckoff Wave Holding Its Gains Above Resistance.

The Wyckoff Wave traded slightly higher last week while holding the gains of the recent weeks .   Volume was slightly lower.
We had expected the Wyckoff Wave to continue its bullish action, and it has done so.   We like the action and would like the Wave to extend a little higher, then back up to the previous resistance with an oversold Technometer.  This will be a chance to add long positions.
Technometer is near overbought at a reading of 49.24.

The Wyckoff Wave is lagging the OP slightly to the upside.

The Wyckoff Wave Growth Index was up slightly for the week, on slightly lower volume.
We did get oversold on Monday’s sharp selloff as we expected.   We used this as an opportunity to add to long positions, then we experienced a nice reversal to the upside.   We continued the rally into Wednesday’s close, then rolled over to begin the test of Monday’s low.   On Friday we tested the low and closed higher for the day which was bullish action.
We would look for this market to continue higher from here.   We will watch the Technometer as it could get overbought easily in next few days.
Technometer is now at a neutral/overbought reading of 47.21.

The SPY closed slightly lower for the week, with average volume.
We was expecting a low in the SPY early in the week as well.   The action still appears bullish, and we should be able to continue higher.  We still think overall the action of recent weeks is accumulation for higher prices.
The Technometer is neutral at a reading of 45.49.

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The bond market closed slightly lower last week, as well.   We had an oversold Technometer Monday, and was looking for higher.   We did work higher but saw selling once again on Friday.   Technometer is nearing overbought again, so we think this market could possibly rally slightly higher, but will need to be sold.
The Technometer is overbought with a reading of 48.87.

The GDX closed the week higher as expected.
The Technometer is now back to clearly overbought, so we would expect lower in the coming weeks.   This market has traded sideways for weeks, and we are getting no solid indications of future action.
Technometer is overbought with a reading of 52.54.

The long dollar ETF, UUP closed sharply lower as expected.   The Technometer has returned to oversold at Thursday’s low, so we will allow for a slight rally.  But would look for this market to resume is slide after that.  We are bearish.
The Technometer is near oversold at a reading of 40.44.

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Good Trading,

Todd Butterfield