The Wyckoff Wave closed sharply down for the week. Volume was at much higher levels.
The O-P was also down sharply for the week.
The Force Index was down sharply.
The Technometer is now oversold.
The OP is trading in lockstep with the Wyckoff Wave, which has helped the decline continue.
The Wyckoff Wave closed down sharply every day last week, to finish the week deep in the red. We have had 11 days in a row red off the highs.
We had stated that we expected more weakness this week, but this was a little faster than we would have thought.
The Technometer is still given us oversold readings so we could possibly slow the decline and try to have a partial recovery of the decline.
The Wyckoff Wave Growth Index (WWG) traded down sharply for the week as well, as expected.
With a near oversold Technometer, I would expect this market to try and find a bottom as well.
The SPY finished the week sharply lower as expected, and back to levels we have previous marked as support.
The Technometer is oversold here as well, so looking for a bounce.
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The bond market was up much more sharply on the week then we would have expected. But you can see that at Wednesday’s close the Technometer returned to oversold, and still at that level. This showed us that the TLT could stay firm.
The GDX finished the week sharply lower, and upthrusted the resistance as we had mentioned. This market looks sick and after any partial recoveries should continue lower.
We have an oversold Technometer that needs relieved before we continue lower….
The long dollar ETF, UUP was down for the week.
We have backed up into the creek, with a deeply oversold Technometer, but Friday’s volume was heavy. We will watch from the sidelines.
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