The Wyckoff Wave Continuing to Trade in a Narrow Range
This past week the Wyckoff Wave experienced a slight net gain. Volume was heavy on Monday/Tuesday and then fell back to more recent normal levels.
The Technometer is trading slightly above neutral levels.
For the week the S&P was down .15%, and the Nasdaq up .44
The Wave spent the early part of the week trying the downside, before springing the bottom of the recent trading range. It then rallied strongly on Thursday, before pulling back slightly on Friday. The O-P failed to make a new low on Wednesday’s decline which lead to the strong rally on Thursday. You can see this on the chart below.
The Force Index was down slightly for the week.
The Technometer began the week below a neutral reading, and finished the week above a neutral reading. Not much help here from the Technometer.
The one year Daily chart shows the Wyckoff Wave still in the upper portion of the recent uptrend chanel. We have expected more downside but so far have not received it.
The Wyckoff Wave Growth Index (WWG) was once again basically flat for the week. We could still be testing the minor creek at 2,900 as shown by the light blue line. If so, this market should be watched closely on another short term pullback this week.
On an intermediate term basis, it has reentered its previous uptrend channel, and is not overbought so it could try to make it way back to the overbought line of the uptrend once the testing of the creek is complete.
The bond market once again rallied strongly last week. The Technometer got close to oversold early in the week, but we have stayed short. Looking for a place to add on to shorts.
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