The Wyckoff Wave Needing To Test The Lows Again?

This past week the Wyckoff Wave continued its slow advance as expected.   Volume was slightly lower for the week.

The Technometer began the week near oversold levels, and finished at an overbought reading.

For the week the S&P was up 2.36%, and the Nasdaq 2.68%.

Thus far the Wyckoff Wave is still hovering near the support of 51,000 but gave itself a little breathing room this week.  Last weeks oversold Technometer gave us the chance to extend the rally this past week, which it did.  But the Technometer returned quickly to overbought and we now can see this market correct once again.

The O-P supported the rally this week.

The Force Index was flat for the week.

The Technometer finished the week at overbought levels.
 

 
The one year daily chart shows the Wyckoff Wave trading in an uptrend on an intermediate term basis, and last week managed to break the short term downtrend supply line.  With the Technometer now overbought, we would expect the Wave to correct from this level and test the spring low.  How it acts on this test will give us insight for the intermediate term outlook.

 
The Wyckoff Wave Growth Index (WWG) also rallied last week closer to its all time highs as expected.  It to reached an overbought Technometer reading and appears needing a short term correction.  It also is near the overbought line of its recent uptrend so a pullback would be healthy.

 
The bond market spent the week moving slightly higher.  We had a buy signal last week and expected higher prices.  So far the advance has been muted but should continue higher from these levels.  We would probably be prepared to raise our trailing stop on any further strength early this week.
 

 
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