The Wyckoff Wave Still Locked In a Narrow Range
This past week the Wyckoff Wave experienced very little price movement. Volume was also much lower this week when compared to the previous week.
The Technometer is now trading close to overbought levels.
The S&P was up .23%, and the Nasdaq was up over .93% for the week.
The Wave rallied slightly into Thursday but could not continue higher, and closed slightly lower on Friday. The O-P trended higher for the week and brought the Technometer back up near overbought levels.
The Force Index was down slightly for the week.
The Technometer started the week near an oversold reading, then finished the week near an overbought reading. Any further rally from here will quickly get it to overbought. We had thought last weeks oversold reading would lead to a nice rally this past week, but the rally was muted. Thursday’s rally to 49,480 looks like a test of the previous high at 50,275. Now with the Technometer nearing overbought we would expect the Wave to turn lower once again.
The one year Daily chart shows the Wyckoff Wave still near the overbought line of the blue uptrend channel. The Technometer is now near an overbought condition, so we might now be able to fall back further into the uptrend and look for support at lower levels.
The Wyckoff Wave Growth Index (WWG) was up only minor for the week as well. We could be testing the minor creek at 2,900 as shown by the light blue line. If so, this market should be watched closely on another short term pullback.
It has reentered its previous uptrend channel, and is not overbought so it could try to make it way back to the overbought line of the uptrend once the testing of the creek is complete.
The bond market was rallied much stronger than we anticipated last week. We now have the Fed news out of the way, so we are anxious to see how we trade now. The Technometer registered an overbought reading on Thursday, so we still feel that this market will work back lower once again.
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