The Wyckoff Wave Still Trading Near Bottom Of Recent Range
This past week the Wyckoff Wave traded lower on Monday to continue testing the previous spring position. It then rallied strongly Tuesday, but then spent the rest of the week trading sideways. Not the type of action we would expect after a successful test of a spring. The test was not of high quality as volume was not decreased versus the spring, so maybe we will test the low a few more days before experiencing a meaningful rally attempt. Volume was at average levels for the week.
The Technometer began the week at slightly below neutral levels, and finished the week at the same level.
For the week the S&P was up 1.9%, and the Nasdaq 2.77%.
Thus far the Wyckoff Wave has found support at the previous lows of 51,000. The Technometer was deeply oversold and now supporting a neutral reading. We had a spring eight trading days ago, and then spent a few days testing the area on sustained volume. Fridays action looks like a test of the weeks before high, and a poor close. We do have a downtrend in place, so if Friday’s action continues lower it will leave the door open to further downside action and a breaking of the 51,000 support level.
The O-P had not rallied at all since the short term lows of Feb 5th. It continues to trade near the lows.
The Force Index continued higher last week.
The Technometer finished the week once again at neutral levels.
The one year daily chart shows the Wyckoff Wave trading in an uptrend but weakening as we have been warning. Last week’s action has kept the bull side alive with continued support being found.
The Wyckoff Wave Growth Index (WWG) continued making further gains last week. But Friday’s action does not look good on the charts. We respected the overbought line of the longer term blue uptrend, and possibly could have put in a rally high for a new downtrend line in purple.
The bond market traded sideways for the week. The Technometer came back to near overbought on Wednesday, so we would expect this market to rollover once again. We are holding shorts from $125.08.
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