Wyckoff Wave Looking To Extend Gains.

The Wyckoff Wave traded basically sideways for the week.   Volume was slightly higher than normal.
Technometer did come down to near oversold during Wednesday’s session.
With the Technometer trading near oversold and the Wave holding gains, it appears the line of least resistance is still higher.

The Wyckoff Wave and the OP are trading in sync.

The Wyckoff Wave Growth Index (WWG) finished the week higher.  Last week’s action was much more bullish, as we had some volume come in and extended the recent gains.
Technometer is overbought at a reading of 50.6.
We think the Wyckoff Wave Growth index could take a breather since it is overbought, but here as well it appears the line of least resistance is still higher.

The SPY held its gains of the recent weeks, and closed on its high for the week.
The Technometer come off of overbought in the middle of the week, and registered a neutral reading.   With this, the SPY turned higher and continued its rally.   Looks as if we can continue higher here as well.
The Technometer is near neutral at a reading of 45.1.

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The bond market was up for the week as expected, correcting recent losses.  We think this counter trend rally is nearing an end, and we will turn lower once again.
The Technometer is near overbought, with a reading of 46.8.

The GDX closed the week, trading lower.
Technometer is still trading near oversold, and we think last week’s correction was only a pullback in an uptrend.   We look for support early in the week, and a turn back higher.
The long dollar ETF, UUP was up for the week, with some volatility to go with it.  We had an oversold Technometer early in the week as we pointed out, and this lead to Friday’s sharp rally.   We now have the Technometer back near overbought, and we think will stop the rally.
We are bearish intermediate term.
The Technometer is near overbought at a reading of 48.03.

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Good Trading,

Todd Butterfield