The Wyckoff Wave closed down sharply for the week. Volume was slightly higher than the previous week.
The O-P was down slightly for the week.
The Force Index was up.
The Technometer is slightly below neutral.
The Wyckoff Wave experienced major selling for the week before Friday’s strong recovery. The selling could have given us a selling climax, but volume was not excessive Thursday, and we had no supporting evidence from our OP, Force, and Technometer to support a major low.
The Technometer was closer to overbought which allowed the selling early in the week. We are still now at just neutral levels, so nothing yet has confirmed a low as of yet.
The Wyckoff Wave Growth Index (WWG) traded sharply lower as well with a strong recovery Friday.
With a Technometer at 46, we have no strong feeling here that Thursdays low was a good low. We will need to monitor trading early in the week.
The SPY finished the week sharply lower as well.
The Technometer is trading near oversold, but once again our other indicators have not given us the support we need to call the low.
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The bond market was down sharply after Monday’s sharp opening higher.
We had warned that Monday’s sharp rally would be place to close longs, and enter shorts. That was the trade, as we experienced heavy selling the rest of the week.
The GDX finished the week with huge selling.
Our Technometer was overbought last Friday and we had warned of a test of the upthrust and ready to try the downside again. That was exactly what happened and we had downside objectives reached quickly. We are not oversold so we could see more downside.
The long dollar ETF, UUP was up sharply for the week, after Monday’s gap lower.
We had expected a rally back into the trading range, but it turned into a rally up thru the top of the recent range. We are major overbought, but the recent action has us on the sidelines here.
IMPORTANT ANNOUNCEMENT: Our “Pulse of The Market” charting software for Cryptocurrrencies is now working. This software has consolidated volume for the Crypto’s which is utmost important when applying Wyckoff Technical Analysis. We are showing this software in use on our social media sites.
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