The Wyckoff Wave Continuing to Digest Its Gains
This past week the Wyckoff Wave trade sideways to digest its recent gains. Volume was slightly lower from the previous week.
The Technometer is trading slightly above neutral.
For the week the S&P was up 2.21%, and the Nasdaq 2.30%.
The Wave spent the week trading sideways within the confines of its recent accelerated uptrend channel.
The O-P has returned to trading in correlation to the Wyckoff Wave and spent the week trading sideways as well.
The Force Index continues to show relative weakness to the Wave and applying pressure to the downside.
The Technometer began the week trading slightly below neutral, and finishing the week slightly above.
The one year daily chart shows the Wyckoff Wave meeting a little resistance at the overbought line of the accelerated uptrend, and spent the week reacting back to the support line of that uptrend.
We have been looking for a correction and their are many sentiment reading at 30+ year extremes. It feels we are in need of a continued breather but we can currently give no signs from our work to say it is now.
The Wyckoff Wave Growth Index (WWG) traded higher and also put in an accelerated uptrend channel. Volume stayed at slightly higher than normal levels, but no sign of a buying climax. The Technometer is trading at near overbought levels once again.
The bond market traded sideways for the week. The OP and Force rallied slightly for the week and have returned the Technometer to overbought levels. We expect lower prices from here and would add to previous shorts…
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