The Wyckoff Wave Hugging our Resistance Level
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The Wyckoff Wave closed up for the week. Volume was at recent levels.
The O-P was up slightly for the week.
The Force Index was flat.
The Technometer was trading at overbought levels on Thursday.
The OP and Wyckoff Wave are trading in unison.
The Wyckoff Wave traded sideways for the week, until Thursdays rally and Fridays reversal. Up slightly for the week.
The Technometer had quickly went from oversold to overbought on Thursday’s rally. We had called for the market to top out in our Discord on Thursday, and we think the correction began with Fridays selloff.
Once again the Wyckoff Wave is having trouble jumping its resistance level, and continuing to fall back into trading range. We expect more weakness in the coming week.
The Wyckoff Wave Growth Index (WWG) traded slightly higher for the week, as expected.
The Technometer is at neutral, and we would expect this market to correct further in the coming week.
The SPY also finished the week higher, and set another new high for the move.
The Technometer is neutral. We think this market can rollover here as well. OP did not go to a new high, and the Force is not responding to the upside.
The bond market experienced some volatility again, and closed higher for the week.
We had expected some more downside in this market, which we got until Fridays sharp rebound. Thursday’s selloff could have been the test of the previous spring. It came on heavier volume then we would have liked, so we might decide to test the area a little more this week.
The Technometer is now trading below neutral, and will support further rally We would expect this market to rally while stocks fall.
The GDX finished the week higher.
In our Discord, we mentioned the divergence between the OP/Price, as well as the oversold Technometer. It would appear this market is headed higher in the weeks ahead.
The long dollar ETF, UUP was down for the week again. We will look to sell a bounce….
We gave a sell on Thursday from our Wyckoff Wave indicators, and took a profit on ULTA for our Discord members. We are hoping to buy back lower.
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