The Wyckoff Wave still at the top of its uptrend channel…
This past week the Wyckoff Wave spent another week digesting gains and slighting adding to them. Volume was slightly elevated this week.
The Technometer is now trading at neutral levels once again.
The S&P was up .13%, and the Nasdaq was up over .21% for the week.
The Wave spent the week trading in narrow range and volume was slightly higher but nothing worth noting. The O-P has slowed its ascent and turning lower.
The Force Index was down slightly for the week.
The Technometer was at extreme overbought levels last week, and once again is quickly back to neutral. This has been accomplished with no pullback in the Wyckoff Wave. Once again, this is very bullish action. As we mentioned the possiblity last week, it appears the overbought Technometer is only giving us only a pause in the recent rally.
The one year Daily chart shows the Wyckoff Wave still hugging the overbought line of the blue uptrend channel. The Technometer is now back to a neutral condition, and should achieve oversold very quickly on any further losses.
The Wyckoff Wave Growth Index (WWG) rallied slightly as well this week. Its Technometer is not back to neutral so should allow further pullback this week. We think this index will experience a pullback in the days ahead.
The bond market was up for the week with Friday being a nice plus day. Last week we mentioned the oversold Technometer could give us a rally to correct the recent down move. This has been accomplished and we are now back to overbought on the Technometer. We would now use this area to go short, or increase short positions. We would expect lower prices in the weeks ahead.
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