The Wyckoff Wave spent the week trading sideways until Friday’s strong rally. Volume was at slightly higher levels late in the week.
The O-P was up slightly for the week.
The Force Index was also up.
The Technometer is now trading at neutral levels.
The Wyckoff Wave is leading the OP slightly on the upside.
The Wyckoff Wave is still trading within the confines of its purple trading range. We had expected further rally near the top of the range, which we are getting. We shall see how it reacts when it reaches the resistance.
The Technometer is neutral, so we should be able to assault the area this week.
We will allow the Wave to continue its rally, until our Technometer gets overbought. A jump across the creek here would be what the bulls need. We personally do not believe that will happen this week.
The Wyckoff Wave Growth Index (WWG) traded basically flat for the week after Mondays rally. We had expected a slight rally and that has been the case.
The Technometer is nearing neutral, so we expect further reaction until we get an oversold Technometer.
The SPY also finished the week higher. The rally is still not attracting volume so it doesn’t appear it will continue.
The Technometer is nearing overbought, so it would appear this rally will run out of steam this week.
The bond market had a nice rally for the week after the Fed cut.
The Technometer is still below neutral, so we expect the TLT to reach the blue downtrend line in the coming days.
The GDX finished the week slightly higher. It continues to bounce off the $26.50 level.
The Technometer is dangerously overbought and we are still short this market. Let’s see if we can turn lower once again….
The long dollar ETF, UUP traded lower for the week. With the Technometer still oversold we will look for this market to stage one more corrective rally before we entertain entering shorts.
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