The Wyckoff Wave ended the week slightly higher, after being up nicely coming into Friday. Volume was slightly lower for the week.
The O-P was down for the week.
The Force Index was also down slightly for the week.
The Technometer is registering and oversold reading.
The Wyckoff Wave was leading while the OP lagged, which lead to Friday’s big selloff..
The Wyckoff Wave traded higher for the week as expected.
We wanted to see further rally this week away from the spring we made at the 46,000 level. We got that, and then had Friday’s big down day on increased volume which was the beginning of the test of the spring.
We have an oversold Technometer, so we would expect the selling to dry up early in the week, after testing the spring low. Then we would expect another rally attempt. The success of the will lay the groundwork for the next few months of trading.
The Wyckoff Wave Growth Index (WWG) once again traded lower for the week.
We have had an oversold Technometer, but it has not lead to any strength. We still have an oversold reading so possibly we can spring the lows of the previous weeks, and get the WWG back into rally mode. Lets see how we trade Monday to determine if we can be long this market.
The SPY tried to rally early in the week as expected, but was met with heavy selling on Friday.
Here as well we have an oversold Technometer, so we would expect continued rally attempts.
The bond market traded flat for the week.
We almost have an overbought Technometer, so we think this market still is prone to a correction. If stocks rally as expected, you should see selling in the bonds.
The GDX had a nice rally last week as expected. We now have an extreme overbought Technometer, so we would move to the sidelines here, and look for a correction of the large advance we have had.
The long dollar ETF, UUP traded higher for the week, until Friday’s sharp reversal. We gave a short sell in this market, and look for much lower prices. If you want to get signals such as this, join our ProTraders. https://wyckoffsmi.com/product/pro-traders-subscription/
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