This past week the Wyckoff Wave spent another week digesting gains and slighting adding to them. Volume was once again just average for the week.
The Technometer is now trading at extreme overbought.
The S&P was up 1.19%, and the Nasdaq was up over 1.46% for the week.
The Wave spent the week trading in a somewhat narrow range and volume was nothing exciting again. The O-P has continued to rally which has kept the Wave working higher.
The Force Index was higher for the week as well.
The Technometer has now went back to extreme overbought again. We feel this will once again make the Wave susceptible to a correction, or at least more sideways trading once again. The last time we was overbought it did not lead to a correction, only a pause. This is very positive action for the bulls.
The one year Daily chart shows the Wyckoff Wave back at the overbought line of its uptrend. The Technometer is now trading overbought and should bring in some type of correction.
The Wyckoff Wave Growth Index (WWG) rallied as well this week and also overbought on its Technometer. We think this index will find resistance here and also experience a pullback.
The bond market was down slightly last week in continued negative correlation to the Wyckoff Wave. The Technometer is now oversold, so covering short term short positions could be advisable. We would look to add them back on as we rally, and the Technometer is relieved of its oversold condition.
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