This past holiday shortened week the Wyckoff Wave traded basically unchanged. Volume was at holiday levels and the slowest of recent weeks.
The Technometer is trading slightly below the overbought level, after reaching overbought in Thursday’s trading.
For the week the S&P was down .37%, and the Nasdaq .80%.
The Wave spent the week trying to add to previous weeks gains, but encountered selling on the last trading day of the year.
The O-P has not rallied to new highs in the recent weeks and underperforming.
The Force Index continues to show weakness and has not supported the recent rally either.
The Technometer began the week near a neutral reading, but finished the week at overbought.
The one year daily chart shows the Wyckoff Wave trading above the major overbought line of the long term uptrend. It is also trading at the overbought line of the more recent uptrend marked in light blue. We had thought recent action had been friendly, but after last weeks action we are now cautious. With the overbought Technometer, the O-P failing to make new highs with the Wave, as well as the poor performance of the Force, we think a short term correction is beginning now.
The Wyckoff Wave Growth Index (WWG) continues to trade within its recent long term uptrend. The Growth Index did meet resistance at its previous highs as expected and had traded down for the last two weeks. We expect this downtrend to continue, but with the Technometer trading close to oversold, we might not experience much selling until the condition is relieved.
The bond market traded higher last week after the previous weeks sharp losses. This rally has also not been supported by the O-P and Force Index. We are trading below neutral on the Technometer so we are going to need a little more trading history before we make a call on this market. Our first instinct is that we are testing the recent highs of December 15th, and will experience more selling in the weeks ahead.
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