This past week the Wyckoff Wave experienced some volatility to the downside, but did not give us much of the previous weeks gains. Volume was much higher this week then previous weeks.
The Technometer is now trading at oversold levels.
The S&P was up .23%, and the Nasdaq was up over 1.09% for the week.
The Wave spent Monday-Wednesday rolling over and reacting slightly. Then traded sideways late in the week. The O-P made new lows all week and closed lower for the week.
The Force Index was down for the week as well.
The Technometer started the week at an overbought reading, then with the weakness in the O-P, quickly went to an oversold reading. It now shows we are vulnerable to a rally once again. This is very bullish action for the Wyckof Wave.
The one year Daily chart shows the Wyckoff Wave still near the overbought line of the blue uptrend channel. The Technometer is now back to an oversold condition, so we might need to accelerate the uptrend if we rally from these levels.
The Wyckoff Wave Growth Index (WWG) was showing weakness early in the week as it has been. Then had a strong move to the upside on Friday, on an increase in volume. 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.
The bond market was down once again for the week as expected. We are slightly below neutral on the Technometer so we are staying with short positions.
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