Wyckoff Wave In The Middle Of The Trading Range Once Again.

The Wyckoff Wave traded higher for the week, after opening sharply lower Monday.   Volume was lower for the holiday shortened week.
We wanted to see the Wave work lower early in the week, to give us a successful test of the low three weeks ago.  We got the sharply lower opening on Monday, and then the Wave spent the rest of the week on a rally to the middle of the trading range.   It appears we will now assault the top of the range.
Technometer is at 46 so gives us room to further the recent rally.
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The Wyckoff Wave and OP are moving in unison.
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The Wave has spent months in the trading range as shown below.   It appears we have made once again a successful test of the support and now will work to the top of the range.   We have been expecting stocks to continue higher, and recent action supports this thesis.
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The Wyckoff Wave Growth Index was also up for the week on lower volume.
We now have an extreme overbought Technometer, so we would like for this reading to cool off so we can add to long positions.
Technometer is extreme overbought at a reading of 55.64 .
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The SPY closed at new all-time highs on lower holiday volume.  This market continues to trek higher.
The SPY also opened lower Monday, and that was all we needed for a successful test of the low three weeks ago.   It quickly reversed higher and spent the rest of the holiday shortened week rallying.  It appears we can continue to further new highs from here.   We will be looking for an opportunity to add to long positions.
The Technometer is neutral at a reading of 48.46.
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The bond market closed lower last week, as stocks rallied.   We expect this relationship to continue, with stocks rallying and bonds declining.   Our Technometer is near overbought so we would sell any bounce on the TLT.
The Technometer is near overbought with a reading of 49.07.
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The GDX closed the week up slightly extending the rally after the FED meeting.
The Technometer is still at overbought, so we would like to see this be relieved before the GDX continues its rally.
Technometer is overbought with a reading of 53.92.
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The long dollar ETF, UUP closed down slightly for the week, on slightly higher volume.  We are wanting to be short here, but the Technometer is now back to oversold, with the strong red volume of the last two days.  We would like to see it back near overbought before shorting here.
The Technometer is oversold at a reading of 34.35.
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Good Trading,

Todd Butterfield

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