The Wyckoff Wave was up slightly for the week. Volume still at slightly below normal levels.
The O-P was also up slightly for the week.
The Force Index was flat for the week.
The Technometer is quickly back to neutral.
The OP and Wave are trading in unison.
The Wyckoff Wave rallied slightly last week, but we had expected a start of a correction.
With the Technometer now at neutral levels we will be looking for an oversold reading on any selloff in stocks this week.
The Wyckoff Wave Growth Index (WWG) traded sharply lower for the week in line with our forecast. We are now nearing oversold levels so we would expect some support to enter early in the week. Looks like a healthy correction thus far, so could look to enter long positions in this area of the market.
The bond market traded higher for the week.
The Technometer is back to a near overbought reading, so this rally could stall here as well. We had expected a 50% recovery of the previous decline, and it stopped just near that. We could be looking to stand aside here once again, until we get another oversold reading on the Technometer.
The GDX closed sharply higher for the week and continuing to extend its gains. The Technometer continues favorable so this market could make further gains this week. We could be coming into our first objective levels on this rally, so be prepared to take some profits.
The long dollar ETF, UUP traded higher for the week. We will watch this one closely for further weakness.
IMPORTANT ANNOUNCEMENT: Our “Pulse of The Market” charting software for Cryptocurrrencies is now working. This software has consolidated volume for the Crypto’s which is utmost important when applying Wyckoff Technical Analysis. We are showing this software in use on our social media sites.
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