Wyckoff Wave Holding Steady In The Middle Of The Trading Range.

The Wyckoff Wave traded slightly higher for the holiday shortened week.   Volume was considerably lower as well for the week.

We wanted to see the Wave work lower last week and give us a more oversold Technometer reading.   Instead it is holding its gains and appears it wants to head to the top of the trading range as we have been calling for.   Let’s see if we can get any selling early in the week that we can use to buy. 

Technometer is near overbought at a reading of 49.

The Wyckoff Wave and OP are moving in unison.

The Wave has spent months in the trading range as shown below.   It appears we want to go back to the top of the intermediate term range. 

The Wyckoff Wave Growth Index was down slightly for the week on much lower volume.

We started the week with an extreme overbought Technometer, and with only a slight correction for the week the Technometer is back to neutral.   It appears it will get closer to oversold if we have a little selling early in the coming week.  If so we would look for an opportunity to do some more buying.

Technometer is now at a neutral reading of 44.

The SPY closed near all-time highs on much lower holiday volume.  This market continues to act very well.

The SPY spent the week relieving the extreme overbought Technometer, and it is now back to a neutral/overbought reading.   We would hope for a little more selloff possibly back to the blue horizontal line as shown on the chart.   This could give us a much lower Technometer and an opportunity to add to long positions. 

The Technometer is neutral/overbought at a reading of 48.4.

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The bond market closed slightly lower last week, as well.   We expect bonds to fall as stocks continue higher.   The Technometer is overbought and the upside here appears limited. 

The Technometer is overbought with a reading of 50.7.

The GDX closed the week higher, continuing to extend its short term rally after the FED meeting.

The Technometer is now nearing oversold as we wanted, so we still think this market rallies as the Dollar comes under pressure.

Technometer is near oversold with a reading of 39.47.

The long dollar ETF, UUP closed lower for the week, on slightly lower volume.  We are wanting to be short here, but the Technometer was near oversold.  Currently it is working its way back to overbought, but not giving us a low risk entry on the short side.   We still expect this market to continue lower…..

The Technometer is near overbought at a reading of 49.32.

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Good Trading,

Todd Butterfield