The Wyckoff Wave and OP traded to the downside in unison last week.
The Wyckoff Wave is still trading within the confines of its purple trading range. No clues onto which way it will breakout.
As the Wave rallied last week the Optimism Pessimism Index (OP) had constant selling pressure. This is bringing down the Technometer to near oversold levels.
We will monitor the action early next week, but any further selloff should give us an oversold reading and an opportunity for short term long positions.
We also would like to note that Friday saw big volume in put options for many years. So we could be making a low here as the majority of people are always wrong.
The Wyckoff Wave Growth Index (WWG) ended the week with higher even after the late week selloff.
The Technometer is still at neutral levels so not much to add here.
The SPY also finished the week slightly higher. Last Fridays’s close looked bearish but it was immediately bought up. We then continued higher the rest of the week.
The Technometer is slightly below neutral, so it would appear some more selling before we would look to be a buyer.
The bond market was down ever so slightly last week.
The Technometer was near oversold but it did not give us any bounce as of yet. We will have to monitor this market before having a strong opinion.
The GDX began the week with a sell off, but then bounced again at the $26.50 level.
The Technometer is not as oversold as it was and we are still short this market. Let’s see if we can continue lower….
The long dollar ETF, UUP traded sharply lower for the week. Our discussions of an upthrust and test two weeks ago, looks like correct analysis with last weeks action. We would now look to sell short any corrective rally if we get it.
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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