📈 Wyckoff SMI “Week In Review” Nov 8th, 2026.
📋 Market ScoreCard
| Symbol | Trend | WyckoffSMI View |
|---|---|---|
| SPY | Bearish / Weakening | Reversed lower Wednesday with heavy selling Thursday. Technometer at 43.4. We expect additional downside. |
| QQQ | Bearish / Oversold | Continued sharply lower. Technometer at 38.9 suggests a possible short-covering rally, but we still expect lower prices. |
| TLT | Rebounding / Defensive | Showing relative strength from defensive buying. We expect the rally to eventually reverse lower. |
| U.S. Dollar | Bullish | Remains firm. We continue looking for higher prices. |
| GDX | Rebounding / Unconfirmed Low | Rallied strongly late in the week. We are watching for a major low but want further confirmation. |
| XLE | Correcting / Testing Support | Sold off sharply and returned to its previous Backup area. We expect support to hold and prices to turn higher. |
| BTC | Bearish / Correcting | Reached our $75,000 downside objective. Technometer near 43 suggests additional weakness is possible. |
| ETH | Bearish / Correcting | Continued lower alongside Bitcoin. We remain cautious. |
| XLY | Improving | Consumer Discretionary beginning to show improving relative strength. |
| XLRE | Improving | Real Estate showing signs of renewed strength. |
🧮 Wyckoff Market Health Dashboard
Market Health Score
56 / 100
| Indicator | Reading |
|---|---|
| Health | NEUTRAL / IMPROVING |
| Execution | MODERATE |
| Trend | RANGE / MIXED |
| Confirmation | STRONG |
| Condition | STABILIZING / IMPROVING |
| Cluster | TRANSITION |
| Regime | TRANSITION / SELECTIVE BULLISH |
Although the Market Health Score has improved, the major averages remain under pressure.
The improving internal readings suggest select opportunities may be developing, but we still want to see price and volume confirm that buyers are returning.
🌍 Macro Market Backdrop
Stocks continued lower last week, just as we had warned in our previous Week In Review.
Wednesday brought a reversal lower, followed by major selling on Thursday. Both SPY and QQQ remain under pressure, although QQQ is approaching oversold conditions that could produce a short-term rally.
The Dollar remains firm, TLT continues to attract defensive buying, and precious metals are attempting to stabilize.
Our Market Health Score improved to 56, with the regime now Transition / Selective Bullish. However, the continued weakness in the major averages suggests caution remains appropriate.
🧭 Market Overview (SPY / QQQ)
SPY reversed lower Wednesday as expected, followed by significant selling Thursday.
Our Technometer currently reads 43.4, which is not yet at an oversold extreme. We continue to believe additional downside objectives remain ahead.
For now, we are not convinced the correction has run its course.
QQQ continued sharply lower last week, consistent with our bearish outlook.
The Technometer has fallen to 38.9, its lowest reading in several weeks. This suggests we could be approaching a short-covering rally.
However, we still believe the larger correction has further to go and would view any near-term rally cautiously.
🏦 Interest Rates & Defensive Assets (TLT)
TLT continues to display relative strength as investors seek safety during the stock market correction.
While the recent rally has been constructive, we believe it is temporary and continue to expect TLT to turn lower again.
⛏️ Gold / Hard Assets (GDX)
The Dollar remains firm and continues to act in line with our bullish outlook.
We continue looking for higher prices, which could influence both interest rates and commodity markets.
Precious metals rallied strongly during the latter part of last week.
We continue looking for a potential major low, but ideally would like to see the lows from approximately four months ago taken out before becoming more confident that the correction is complete.
Bullish sentiment remains elevated, which makes us hesitant to anticipate a major sustained rally at this stage.
We will monitor this market closely for a more convincing bottoming structure.
⚡ Energy Sector (XLE)
XLE experienced a much sharper selloff last week than we anticipated.
However, prices have returned to the previous Wyckoff Backup (BU) area, which we believe should provide important support.
We continue to favor the longer-term bullish structure and will watch for support to hold and prices to turn higher once again.
₿ Crypto Market Overview (BTC / ETH)
Bitcoin continued lower last week and reached our outstanding $75,000 downside objective.
While that target has now been achieved, our Technometer remains around 43, suggesting additional weakness is still possible.
We remain patient and will look for more convincing evidence of a low before becoming aggressive..
Ethereum continued lower alongside Bitcoin.
The recent price action remains weak, and we believe the cryptocurrency markets could experience additional downside before establishing a more durable low.
🔄 Rotational & Thematic Notes
Our sector studies are beginning to show improvement in several areas:
- GDX — Gold Miners
- XLY — Consumer Discretionary
- XLRE — Real Estate
These groups are showing signs of turning higher despite continued weakness in the major averages.
We will watch whether this improvement develops into broader market leadership or proves temporary.
🧠 Tactical Outlook
Our bearish outlook on stocks continues to unfold as expected.
SPY remains vulnerable to additional weakness, while QQQ is approaching oversold levels that could produce a short-covering rally.
We continue to favor higher prices in the Dollar, expect TLT’s rally to eventually fail, and remain cautious on precious metals until a more convincing major low develops.
XLE has returned to an important Backup area, where we expect buyers to respond.
Bitcoin has reached our $75,000 target, but our indicators suggest the correction may not be finished.
We remain patient and selective, looking for stronger evidence of accumulation before increasing exposure.
👉 What We’re Watching Now
- Does SPY continue lower following last week’s heavy selling?
- Can QQQ produce a short-covering rally from its oversold Technometer reading?
- Will TLT’s defensive rally begin to reverse?
- Can the Dollar continue higher?
- Does GDX establish a convincing major low?
- Will XLE hold its previous Backup support?
- Does Bitcoin stabilize near $75,000 or continue lower?
- Can Ethereum begin showing evidence of selling exhaustion?
- Do GDX, XLY and XLRE continue improving?
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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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