The Wyckoff Wave traded sideways to slightly for the week. Volume was slightly higher as well.
With the Technometer trading near neutral and the Wave holding gains, it appears the line of least resistance is still higher. Any type of pullback should be another buying opportunity.
The Wyckoff Wave is slightly stronger than the OP.
The Wyckoff Wave Growth index did not take any type of breather and extended recent gains. We had stated the line of least resistance is higher, and we still believe that. Our Technometer is overbought, so a quick correction could occur at anytime. We would welcome a selloff to add more long positions.
Technometer is overbought at a reading of 51.21.
The SPY closed higher every day last week, and continues to trade nicely to the upside.
The Technometer started the week neutral, which allowed further rally. We are now back to overbought, so we could also see a small correction here of recent gains, but would probably be a chance to add to longs.
The Technometer is near neutral at a reading of 50.9.
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The bond market was down slightly for the week, before Fridays strong rally. We was looking for this market to find resistance again, and turn lower. The Technometer is below neutral, so we will stand aside for now.
The Technometer is below neutral, with a reading of 42.5.
The GDX closed the week higher after catching support as expected.
Technometer is overbought with the strong rally ending the week. We look for higher ultimately, but we could work sideways here to relieve the overbought reading, before continuing higher.
The long dollar ETF, UUP was up slightly for the week, with continued volatility. The Technometer is around neutral, so we are on the sidelines. We had been warning of a possible upthrust here a month ago, and we could have just possibly had the test of the upthrust. For now we will observe on the sidelines.
The Technometer is near neutral at a reading of 43.25.
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