The Wyckoff Wave closed down sharply for the week once again. Volume was slightly higher than the previous week.
The O-P was up for the week.
The Force Index was down slightly for the week.
The Technometer is still slightly below neutral.
The Wyckoff Wave experienced more selling and closed new the lows of the week.
Our Technometer was at neutral levels coming into last week, and we are still at neutral levels. As you can see by the above WW/OP Intraday 5 minute chart, the OP closed higher for the week, which shows that there was more buying than selling last week, which is not conducive to putting in a lasting low or a selling climax.
It would appear we can still probe for lower lows this week.
The Wyckoff Wave Growth Index (WWG) traded lower as well but outperformed slightly.
With a Technometer at 48, it once again appears we can probe for lower levels this week, before finding a sustainable low.
The SPY finished the week sharply lower.
The Technometer is trading slightly below neutral here as well, and our other indicators have not given us the support we need to call a low.
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The bond market closed higher for the week, with extreme volatility.
Our Technometer was near oversold levels, which helped last weeks rally late in the week. We would expect a further rally to get the Technometer to overbought levels, then we would feel comfortable entering short positions.
The GDX finished the week slightly higher, with extreme volatility here as well.
Our Technometer is now oversold so we would be looking for a further rally to relieve the oversold reading. It would appear to be only a rally back to the creek at $26.
The long dollar ETF, UUP was up sharply for the week, after Monday’s gap lower.
We do not have an opinion here as our Technometer is now oversold, so it would appear that we had a jump and needing a backup. But the backup would look better if we would spend a few more days testing lower levels.
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