The Wyckoff Wave closed up sharply for the week. Volume was at recent average levels.
The O-P was up for the week.
The Force Index was up slightly for the week.
The Technometer is slightly above neutral.
The Wyckoff Wave experienced a sharp rally from below the oversold line of the recent downtrend. It then quickly met resistance at the supply line of the downtrend.
As we had stated last week, we did not have what is easily called a selling climax on the recent decline, so hard to call the recent action.
Our Technometer readings have hugged the neutral level for the last few weeks. Even after last weeks rally we are just slightly above neutral.
We would think we need some backing and filling here before a sustainable bottom. Best action would be to take out the downtrend line this week and then correct the rally from the lows of last week with a low volume test.
The Wyckoff Wave Growth Index (WWG) traded higher as well.
With a Technometer still just slightly above neutral, it would allow some further strength here, before some type of correction of last weeks advance.
The SPY finished the week sharply higher after Monday’s lower opening. Last Friday/Monday could have been a Selling Climax here, and last week’s rally an Automatic Rally. Would be nice to see some further strength before we go back down for a Test of the Selling Climax.
The Technometer is still trading neutral here as well, and our other indicators have not given us any extra help.
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The bond market closed higher for the week as well.
Our Technometer was near oversold levels, and we thought would help us rally last week. We are now nearing overbought, especially if we get a little strength early in the week. This could be our test of the Buying Climax at $180.
We would use this as an opportunity to establish short positions, especially if the blue uptrend breaks.
The GDX finished the week higher as well.
Our Technometer was oversold and allowed us to rally last week to the $26 level as mentioned. The rally was stopped at the creek of the former trading range, which is natural area to see resistance and enter short positions.
We had discussed this Thursday in our Discord, but as of yet have not entered shorts.
The long dollar ETF, UUP was down sharply for the week.
We had thought we might see some weakness to give us a backup of the previous resistance at $26.50. That came with some heavy volume so we might wait to look for some more testing and for volume to lighten up.
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