This past week the Wyckoff Wave mostly sideways with some weakness into Friday’s close. Again, not the type of action we would expect after a successful test of a spring, so recent action is discouraging for the bulls. The tests were not of high quality as volume has actually increased on the tests. So this leaves us vulnerable to a breakout to the downside. Volume was slightly higher for the week.
The Technometer began the week at slightly below neutral levels, and finished nearing oversold levels.
For the week the S&P was up .5%, and the Nasdaq .56%.
Thus far the Wyckoff Wave has still found support at the previous lows of 51,000. The Technometer was neutral the last two weeks, but now nearing oversold. With that in mind, we think it will be hard to make a large break to the downside here, but nevertheless, we are near the support level of the trading range.
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 turned lower last week.
The Technometer finished the week once nearing oversold 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 keeps us on the lookout for a break lower to the support line of the blue uptrend.
The Wyckoff Wave Growth Index (WWG) continued higher early in the week, which we did not expect. The Technometer finally reached overbought levels, and Friday we had a sharp down day in this index. We think this market could still work lower near term.
The bond market did rollover as expected last week. It broke the uptrend sharply, and we feel headed to now lows once again. We are holding shorts from $125.08.
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