The Wyckoff Wave Found Support At Bottom Of Range
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This past week the Wyckoff Wave started the week trading higher as expected. This was off of the indications of the previous support at 51,000, and a deeply oversold Technometer. We only managed to trade sideways thus far, after experiencing a minor spring on Wednesday. Lets see if we can extend the gains early this week as the Technometer will still allow more upside follow thru before becoming overbought again. Volume was slightly higher for the week.
The Technometer began the week at deeply oversold levels, and finished the week still below neutral.
For the week the S&P was up 2.01%, and the Nasdaq 1.02%.
Thus far the Wyckoff Wave has found support at the previous lows of 51,000. The Technometer was deeply oversold and still supporting a low reading. We would like to see continued strong gains off of the minor spring on Thursday to bolster the case this is strong support. We do have downtrends in place so if this rally fails it will leave the door open to further downside action.
The O-P had not rallied at all since the short term lows of Feb 5th. It continues to probe new lows.
The Force Index was up slightly last week and continues to apply pressure to the downside.
The Technometer finished the week at still below a neutral reading after coming off deep oversold.
The one year daily chart shows the Wyckoff Wave trading in an uptrend but weakening as we have been warning. Last week’s action has kept the bull side alive with support being found.
The Wyckoff Wave Growth Index (WWG) continued its correction as we had warned. After some further bounce this week we will probably be looking for a place to enter short positions
The bond market traded higher for the week. The Technometer is back to overbought so we would recommend adding to shorts sometime this week. We are holding shorts from $125.08.
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