The Wyckoff Wave was down for the week. Volume was slightly higher than previous weeks.
The O-P was also down for the week.
The Force Index was down sharply for the week.
The Technometer is quickly back to oversold.
The OP and Wave traded in unison for the week until Friday, when the OP went to a new low while price held higher.
The Wyckoff Wave traded minus all week, as we had expected.
With the Technometer approaching oversold levels, which we indicated would happen, we would be looking to establish long positions in those issues that are showing relative strength.
The Wyckoff Wave Growth Index (WWG) traded higher for the week as expected. We had an oversold Technometer and expected support to come in. Technometer is now above neutral, but we would expect this market to work higher with the Wyckoff Wave.
The bond market traded slightly lower for the week.
The Technometer did stall out as expected with the near overbought reading. But now it is working down to an oversold reading, and we would be looking for the TLT to try to extend its recent advance.
The GDX closed down for the week after recent strong gains for us. The Technometer is near neutral, so we would expect the GDX to find support and continue to set new highs. You can see the Technometer for the GDXJ is extreme oversold and favoring a bounce. Stay long with stops in place.
The long dollar ETF, UUP continued to trade higher. We must stand aside until price action warrants a position. The Technometer is extrem overbought, so we still favor a short sell.
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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