This past week the Wyckoff Wave spent another week digesting gains and adding to them. Volume was slightly lower early in the week while having the highest volume Friday then we have seen in months. GE had strong volume Friday which accounted for most of it.
The Technometer is now trading at overbought levels once again.
The S&P was up .86%, and the Nasdaq was up over .36% for the week.
The Wave spent Monday-Tuesday working lower and then finished the week stronger and closing at its highs. The O-P once again broke out to new highs as you can see from the intraday chart below.
The Force Index was up slightly for the week.
The Technometer was trading neutral early in the week, then back to overbought on Friday. We mentioned the previous overbought Technometer’s only pause the rallies, and once we return to neutral, the Wyckoff Wave continues its rally.
The one year Daily chart shows the Wyckoff Wave still hugging the overbought line of the blue uptrend channel. The Technometer is now back to an overbought condition, and we would think we will not start an accelerated uptrend.
The Wyckoff Wave Growth Index (WWG) upthrusted the previous rally highs on Wednesday and closed lower. On Thursday/Friday it continued adding to the weeks losses. We would expect this market to still work lower from here.
The bond market was down sharply for the week as expected. The overbought Technometer did stop the rally and lead to this weeks selloff. We are now back to neutral on the Technometer. We would expect lower prices in the week ahead.
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