The Wyckoff Wave Correcting From Resistance
The Wyckoff Wave closed down for the week. Volume was once again at slightly lower levels.
The O-P was also down for the week.
The Force Index was flat.
The Technometer is now slightly below neutral.
The OP is trading in lockstep with the Wyckoff Wave, except for a little extra weakness at Friday’s close.
The Wyckoff Wave closed down every day last week, to finish the week in the red.
We had expected this weakness, and expect more coming into this week.
The Technometer is still given us neutral readings so it gives us more room to correct.
The Wyckoff Wave Growth Index (WWG) traded flat for the week.
With a now neutral Technometer, I would still expect this market to work lower from here as well.
The SPY finished the week slightly lower which was expected.
The Technometer is neutral here as well, so expect still lower.
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The bond market was up sharply for the week, in line with our long positions.
Our Technometer is now overbought, and we would expect the rally to slow or correct.
The GDX finished the week higher as well with it following the TLT as we had mentioned in our Discord.
We now have an overbought Technometer, and on the lookout for an upthrust at our resistance as marked on the chart.
The long dollar ETF, UUP was up for the week again, after experiencing a nice selloff Friday.
We are above resistance and an oversold Technometer, which appears to say we can continue higher here. We will watch from the sidelines.
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