The Wyckoff Wave digesting its gains…
This past week the Wyckoff Wave spent the week digesting the gains of the previous weeks. Volume was average for the week.
The Technometer is trading at neutral.
The S&P was up .68%, and the Nasdaq was up over 1% for the week.
The Wave spent the week trading in a very narrow range and volume was flat. The O-P rallied slightly for the week.
The Force Index was lower for the week once again.
The Technometer has went from extreme overbought to neutral over the last two weeks. During this time the Wave has added to its gains and has digested them. 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 neutral, and it will not take much of a correction to get it to oversold. We was expecting some type of short term correction to be used to enter long positions. So far we have had no pullback in the Wyckoff Wave…
The Wyckoff Wave Growth Index (WWG) rallied slightly this week and is still trading heavy. We think there is more downside to this Index in the immediate days ahead.
The bond market was down nicely last week in continued negative correlation to the Wyckoff Wave. We did not get a short term rally to increase short positions on. We will continue to watch for an area to add.
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