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The Wyckoff Wave experienced a selloff beginning the week, then traded sideways to end the week. We had expected a low to form and test the recent highs again. We are still of this opinion.
The O-P had been slightly weaker than the Wave on the mid month rally, as well as the recent selloff. The O-P has now equaled the lows of May 3rd, while the wave is still considerably higher. This is a bullish divergence.
The Force Index under performed on the mid month rally as well, and Friday closed at its lowest levels in months. A reading of -469 is providing alot of downside pressure. Would like to see the Force turn up from these levels to allow the Wave to rally.
The Technometer closed the week near an oversold condition.
The intraday chart for last week shows the under performance of the OP versus the Wyckoff Wave (WW). As mentioned above, the OP is in a positive divergence with the Wyckoff Wave on the daily chart, and should lead to another rally attempt.
The one year daily chart shows the Wyckoff Wave trading in an uptrend on an intermediate term basis, and near the previous purple support line. With the Technometer once again registering near an oversold reading, I would expect the Wave to try and rally back to the overbought line of the blue uptrend, as well as the purple resistance line of the recent trading range.
The Wyckoff Wave Growth Index (WWG) spent the week trading sideways. It is trading at its overbought line of its recent uptrend, but appears to continue to be able to trade higher. Its Technometer reading is nearing overbought, so new positions at this level is not warranted.
The bond market also traded sideways for the week. Its Technometer is nearing overbought once again and you can see the OP continues to make new highs while the TLT is lagging and making lower highs. We consider this action bearish and look for lower prices.
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