Intraday recap of today’s action…

As we began the day, we knew that short positions had to be monitored closely as Mr. O’Brien had stated in his Daily Pulse of the Market.  Our Technometer readings were nearing oversold, and as you can see from the attached chart, volume was not coming into the market as it appeared demand was withdrawn in the opening hour today.  We took the opportunity to cover our short-term short positions on the early weakness.  We stated this on our Twitter account in real time, WYCKOFF SMI.  We stated that we thought the markets could rally for 2-3 days to relieve the oversold condition, and our best guess is that we will once again try the downside after the rally.
WW OP Divergence 5 minute chart

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