Wyckoff Wave Still In Correction Mode.
The Wyckoff Wave was up slightly for the week. Volume was lower.
The O-P was also up for the week.
The Force Index up sharplyfor the week.
The Technometer is still overbought.
The Optimism Pessimism Index and Wyckoff Wave are trading somewhat in unison.
The Wyckoff Wave closed slightly higher for the week, after Monday’s gap higher. Volume was slightly lower.
The Wave worked higher early in the week, and then turned lower. We gave a sell on stocks at Monday’s gap up. We expect lower in days ahead.
Our Technometer is overbought and allows more downside this week.
The Wyckoff Wave Growth Index (WWG) ended the week flat. We think we continued to test the highs and look for a turn lower this week.
Technometer is neutral and will allow further downside action.
The SPY finished the week lower. We thought we had completed an upthrust and test and expected lower. We gave a sell short call on the SPY at Monday’s opening and happy with the action thus far.
The Technometer is slightly above neutral.
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The bond market closed higher for the week.
We are still on the sidelines, but said price action looked bearish. Last weeks action did nothing to clear the air, or give us strong opinion either way.
Technometer came back to near oversold so we are still on sidelines. We want to be short, but waiting for good entry….
The GDX finished the week sharply lower as expected.
The Technometer bounced to neutral, and allows more downside.
We will stay short but monitor closely.
GDXJ looking weak as well as OP is in solid downtrend as well as FORCE.
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 did appear to spring the low as mentioned and now hopefully still putting in a test. We are long.
The Technometer is now deeply oversold, so lets see if we can rally sharply out of here.
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