The Wyckoff Wave was up every so slightly for the week. Volume was average.
The O-P was down for the week.
The Force Index was down for the week.
The Technometer is below neutral.
The Optimism Pessimism Index is slightly weaker then the Wyckoff Wave.
The Wyckoff Wave tried to continues its gain last week, but did not accomplish much in that respect. We would like to see continued strength here and now, if we are going to continue higher.
Our Technometer is below neutral, so it will allow further rally attempts.
Charts on a few ProTraders positions.
KEYS we purchased as you can see the OP was downtrending and price was holding, while the Technometer registered oversold.
KEYS was down slightly for the week and we are still long. Technometer is once again nearing deep oversold levels.
PAGS also had the OP work lower while the stock was making a backup to the creek while an oversold Technometer reading. This one took off which is normal action after a backup to the creek.
Last week PAGS traded down. Technometer is headed back to oversold so possibly we can spring the $51.75 level, and continue higher.
TRIP was our most recent addition to our Protraders.
TRIP was lower last week as well. Digesting strong recent gains, and lets see if it can hold in and turn higher once again.
The Wyckoff Wave Growth Index (WWG) ended the week lower as well.
The Technometer is now oversold, and allows us to find support near these levels. You can see the OP has been hitting new lows, while price is trying to hold higher levels. This is bullish action and why the Technometer is oversold.
The SPY finished the week lower.
The Technometer is near oversold and will still allow further gains here as well. If we did complete the backup as shown on the chart, we need this rally to continue here.
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The bond market was up slightly for the week.
The oversold Technometer we spoke of last week, did allow an oversold bounce. We are now back to neutral on the Technometer, and this market does not act very well. After a little more possible strength, it looks like we want to continue lower in the established downtrend.
The GDX finished the week down sharply which we have been positioned for.
We are short and expect markdown from here. Technometer is oversold so once again, we want to see ease of movement to the downside.
The long dollar ETF, UUP was up for the week.
We are looking for still further upside.
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