The Wyckoff Wave was up for the week. Volume was average.
The O-P was up for the week.
The Force Index was up for the week.
The Technometer is neutral/overbought.
The Optimism Pessimism Index is outperforming the Wyckoff Wave to the upside, which shows volume plus but price not responding.
The Wyckoff Wave closed higher for the week against our expectations.
The Wave worked higher early in the week and we took a .3% loss on our short positions. We are still looking for a pullback as we feel we could at least pullback to the 39,300 level.
Our Technometer was overbought and still neutral/overbought so we still think we can work lower.
The Wyckoff Wave Growth Index (WWG) ended the week higher as well. We still think we are testing the highs and look for a turn lower.
Technometer is above neutral and will allow further downside action.
The SPY finished the week higher. We thought we had completed an upthrust and test and expected lower. We could still just be testing the highs and looking to turn lower. We took small loss on our previous sell but could possibly reestablish shorts this week.
The Technometer is slightly above neutral here as well.
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The bond market closed flat for the week.
We are still on the sidelines, but recent action appears to be turning more positive.
Technometer came back to near oversold so we are still on sidelines. If our Technometer can get closer to clear oversold we could try the long side here.
The GDX finished the week lower as expected, as we are in the “Markdown” phase. Interesting action considering the Dollar continued weak.
The Technometer bounced to neutral, and allows more downside.
We will stay short but monitor closely.
GDXJ looking continued weak as well.
The Technometer is extreme oversold so we must be careful with short positions.
The long dollar ETF, UUP was down for the week.
The long dollar ETF has went to another new low on very low volume. We have changed our Wyckoff markings, which we do not like doing but still think it makes sense here.
We are not looking for a collapse here, but still a chance at a low.
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