I apologize for missing last weeks “Week In Review” as I was very sick.
This past week the Wyckoff Wave experienced another week of gains. Volume was at the low end of average with a pickup into Friday’s expiration.
The Technometer is trading slightly below the neutral level.
For the week the S&P was up .91%, and the Nasdaq 1.38%.
The Wave spent the week continuing to add to the gains of this long uptrend.
The Force Index showed weakness all week and did not support the rally.
The Technometer began the week near an oversold reading, and finished the weak only slightly above oversold.
The one year daily chart shows the Wyckoff Wave trading above the major overbought line of the long term uptrend. It is also trading at the overbought line of the more recent uptrend marked in light blue. Very strong action and the Technometer is no where near overbought.
The Wyckoff Wave Growth Index (WWG) continues to trade within its recent long term uptrend. The Technometer is trading close to overbought, so we would expect this market to meet resistance at its previous highs of a month ago.
The Technometer’s near oversold reading of two weeks ago did allow us to rally off of support and return the Technometer to overbought. We should experience more two sided action this week.
The bond market ended the week with continued gains after coming off of an oversold reading on the Technometer Tuesday. But this rally has not been supported by the OP, nor the Force Index. We expect this market to turn down again from these levels.
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