The Wyckoff Wave Has Some Volatility Return
The Wyckoff Wave closed down for the week. Volume was average.
The O-P was also down for the week.
The Force Index was down slightly.
The Technometer is now nearing oversold.
The OP is trading slightly weaker than the Wyckoff Wave.
The Wyckoff Wave finally saw some selling and volatility arrive. It had spent weeks at the top of the range, and could not break through.
The Technometer has been trading around neutral, but now working its way near oversold.
We would expect further weakness in the week ahead.
The Wyckoff Wave Growth Index (WWG) traded higher for the week once again. The WWG has significantly outperformed the Wyckoff Wave to the upside.
With an overbought Technometer, we finally had some negative price action late in the week. We would expect still lower prices for the coming week.
The SPY finished the week lower. We had expected the SPY to turn lower as the OP lagged the upside rally in prices.
Friday’s action looks like a change in character, and we expect lower prices. Technometer is neutral, so will allow for further selling.
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The bond market was up sharply for the week.
Our Technometer never gave us a good entry buy, but price action looks as if it closed the doors on any further downside.
We are on the lookout for a small correction and a buy signal.
The GDX finished the week higher. We had expected somewhat lower prices last week, but it looks like lower interest rates helped this market out as well.
We are on the sidelines here.
The long dollar ETF, UUP was up for the week. We thought resistance would keep a lid on this market. We are at resistance and Technometer came off of overbought and nearing oversold. We are on the sidelines here as well.
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