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📋 Market ScoreCard

Symbol	Trend	WyckoffSMI View

SPY

Range / Constructive

Rallied from last week’s oversold Technometer reading as expected. Short-term bullish price/volume divergence remains, but last week’s lows now need to hold.

QQQ

Range / Improving

Rallied following two BU signals from our Wyckoff Alert Engine. Friday’s reversal makes early-week support important.

TLT

Bearish

Finished higher for the week but reversed sharply Friday. We continue looking for lower prices.

U.S. Dollar

Bullish

Strong rally for the week. We remain long and continue looking for higher.

GDX

Weakening

Quiet most of the week before a strong Friday reversal lower on increased volume. We look for lower this week.

XLE

Bullish / Constructive

Slightly lower for the week, but price action remains constructive. JAC fired above $60; watching for a potential BU on a low-volume pullback.

BTC

Improving

Slightly higher with a recent JAC signal. We would welcome a controlled pullback to evaluate the strength of the move.

ETH

Improving

Slightly higher for the week. Watching for a short-term pullback to evaluate demand.

IBB

Leading

Biotechnology remains among our sector leaders.

IGV

Leading

Software continues demonstrating relative strength.

XLC

Emerging

Communication Services could be preparing to jump recent resistance.

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🧮 Wyckoff Market Health Dashboard

Market Health Score: 51

• Health: Neutral / Improving
• Execution: Moderate
• Trend: Range / Mixed
• Confirmation: Strong
• Condition: Stabilizing / Improving
• Cluster: Transition
• Regime: Transition / Selective Bullish

Market conditions remain constructive but mixed. Strong Confirmation and improving Health support selective participation, while the Range / Mixed trend and Moderate Execution readings argue against becoming overly aggressive.

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🌍 Macro Market Backdrop

Stocks rallied last week from the oversold conditions we highlighted, but Friday’s reversal keeps the market at an important decision point.

SPY and QQQ now need to find support early this week if the rally is going to continue toward new highs. Meanwhile, the Dollar strengthened, TLT reversed lower Friday, precious metals showed weakness, and Energy continues to hold a constructive structure.

The Market Health Score slipped to 51, leaving us in a Transition / Selective Bullish environment.

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🧭 Market Overview (SPY / QQQ)

Last week’s oversold Technometer reading produced the rally we expected. Friday brought a reversal lower, making this week critical. We have a short-term bullish divergence between price and volume, so we are watching for a successful test of the recent oversold lows followed by another move higher.

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QQQ also rallied after our Wyckoff Alert Engine fired two BU signals. Friday’s rally reversed lower along with SPY. We now want to see QQQ catch support early in the week and turn higher.

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🏦 Interest Rates & Defensive Assets (TLT)

TLT finished higher for the week but experienced a strong downside reversal Friday. We continue to believe the larger structure favors lower TLT prices and remain bearish on the bond market.

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⛏️ Gold / Hard Assets (GDX)

Precious metals traded quietly for most of the week before reversing sharply lower Friday on increased volume. After the strong recent rally, this weakness deserves attention. We look for lower prices in the coming week.

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⚡ Energy Sector (XLE)

XLE finished slightly lower, but we continue to like the price action. Our Wyckoff Alert Engine fired a JAC on the rally through $60. A further low-volume pullback could potentially generate a BU, which we would view as an important signal to monitor. Our longer-term outlook remains bullish.

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₿ Crypto Market Overview (BTC / ETH)

Bitcoin finished slightly higher for the week and continues showing improving structure. Our Wyckoff Alert Engine has labeled a JAC, and a controlled low-volume pullback could potentially produce a BU. We would like to see a short-term pullback so we can evaluate the quality of underlying demand.

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Ethereum was also slightly higher and continues holding its recent breakout. As with Bitcoin, we would prefer to see a controlled pullback and evaluate how institutional demand responds before becoming more aggressive.

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🔄 Rotational & Thematic Notes

Current sector leadership:

• GDX — Gold Miners
• IBB — Biotechnology
• IGV — Software
• XLC — Communication Services — Emerging

XLC is particularly interesting as it approaches recent resistance and could be preparing for a jump if demand continues improving.

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🧠 Tactical Outlook

This week should tell us a great deal about the durability of the stock-market rally.

SPY and QQQ responded exactly as hoped from last week’s oversold conditions and BU signals, but Friday’s reversals now require confirmation. If recent lows hold and our bullish divergence is successfully tested, another move toward new highs remains possible.

We remain bullish on the Dollar, bearish on TLT and GDX in the near term, constructive on XLE, and patient with Bitcoin and Ethereum while waiting to evaluate their next pullbacks.

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👉 What We’re Watching Now

• Do last week’s SPY lows hold?
• Does SPY successfully test its bullish price/volume divergence?
• Can QQQ find support after its BU-driven rally?
• Does TLT follow through lower after Friday’s reversal?
• Can the U.S. Dollar extend its rally?
• Does GDX continue lower after Friday’s high-volume reversal?
• Does XLE generate a BU on a low-volume pullback?
• Do BTC or ETH provide constructive pullbacks?
• Can XLC jump recent resistance?

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⚠️ Disclaimer

The WyckoffSMI Week In Review is provided for educational and informational purposes only and is not investment advice, a recommendation, or an offer to buy or sell any security. All commentary reflects a Wyckoff-structure interpretation at the time of publication and may change as market conditions evolve.

Investing involves substantial risk, including the possible loss of principal. Past performance is not indicative of future results. WyckoffSMI and affiliated entities may hold positions in securities discussed. Readers are solely responsible for their own investment decisions and should consult a qualified financial professional before acting.

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