No changes from yesterday

Click Here For Wyckoff Wave Chart 06-15-2016

Short Term:

Their are no short-term opportunities to the upside.

Short-term positions taken to the downside, should be maintained. However, as the Wyckoff Wave may be approaching the end of the reaction, these position should be closely watched

Intermediate & Long Term:

Their are no intermediate or long term opportunities to the upside.

There are no intermediate or long term opportunities to the downside.

Market Trends:

Intra-day: Down, but in an overbought position relative to the trend channel.

Short Term: Neutral

Intermediate Term: Neutral

Long Term: Neutral

The stock market, as measured by the Wyckoff Wave, traded lower on slightly increased volume. It closed near the bottom of a wider price spread, in a slightly oversold condition relative to the Technometer. The price spread and volume suggest the presence of supply.

A review of the intra-day waves confirms the above. After a gap opening to the upside, the Wyckoff Wave continued its rally to point I. There, demand was withdrawn and the Wyckoff Wave reacted to point J.

It made a second attempt to rally, but once again demand was withdrawn.

Good supply returned, during the last 45 min. of the trading day, as the Wyckoff Wave reacted to a poor close.

The Wyckoff Wave remains in an overbought position relative to its intra-day down trend channel.

Today’s market action was, most probably, not a test of the high at point Z. The Wyckoff Wave did attempt to rally, but demand was withdrawn and supply appears to have taken over the market. This gives the Wyckoff Wave the opportunity to continue to react back into, and possibly through, the intra-day down trend channel.

The Optimism – Pessimism Index reacted slightly. It remains in an overbought position relative to its upward trend channel. The negative divergence with the Wyckoff Wave, when compared with point V, remains in place.

The Force Index reacted and is producing low negative readings. There is a very slight mitigating impact on the slightly oversold Technometer.

Tomorrow, the Technometer will open in a slightly oversold condition.

Today, after a brief attempt to rally, the Wyckoff Wave continued its reaction off the high at point A. The reaction is fueled by some late supply and suggests the Wyckoff Wave will continue to react towards the halfway point of the rally between points Z and A.

The Technometer is moving into an oversold condition. The Technometer can present an oversold condition, slightly before the reaction bottoms out. This suggests that the Wyckoff Wave may well successfully test that halfway point

The Technometer is becoming oversold relatively early in the reaction. This adds credence to the rally to test the high at point A scenario. It is expected the test will be successful. This will give the Wyckoff Wave an opportunity to react deeper into the trading range.