Wyckoff Wave Stays Trading In A Narrow Range.

The Wyckoff Wave was basically flat for the week.  Volume continues at very low levels.
The O-P was up slightly for the week.
The Force Index was flat for the week.
The Technometer is moving slowly towards overbought.  The Wyckoff Wave has moved sideways, while the Technometer is now moving closer to overbought.  This is bearish action.

The Wyckoff Wave and OP are moving in unison.

The Wyckoff Wave traded sideways for another week.  We had looked for some type of correction, but not getting it.  The Technometer is nearing overbought again on last weeks recovery, so we will watch for clearly overbought this coming week.

The Wyckoff Wave Growth Index (WWG) was lower last week.
The Technometer was near oversold last Friday and we managed basically zero plus action, and now Technometer is nearing overbought.  This is bearish action….

The SPY finished the week over so slightly lower.
The Techometer is nearing oversold here, which is not what our other general market indicators are saying.  This clouds the picture for me.  It would seem we could work slightly higher in stocks and then I would expect a try to turn lower again.
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The bond market was up slighlty for the week, as expected.
Our Technometer has been at extreme overbought for over a week.  It seems there is consistent buying here, and I had read that China had sold into the low at end of their year, and now buying back.  I would agree with this thought process.  We are long with small losses, and will look to trail a stop and look for still higher.

The GDX finished the week flat, after being higher once again.
The Technometer was extreme overbought and did not stop the advance.  We have now came off of overbought and trying to make some downside progress.  We will watch this market if the Technometer goes to oversold.  We still think there is some downside in the coming week.

The long dollar ETF, UUP was down sharply for the week, against our expectations.
Our recent buy setup did not work, so this market seems to be having a change of character once again.  We are long with losses, and will watch this market closely this week.

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If you are interested in Wyckoff stock chart analysis as well as Cryptocurrency, search “Learn Crypto / Wyckoff SMI” or click this link https://www.youtube.com/channel/UCDxK2PwEDvoaHZgjPV_WgcA
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Good Trading,

Todd Butterfield

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