The Wyckoff Wave traded lower for the week. Volume was higher on the selloff.
We wanted a little more selling to bring down our Technometer to oversold. On Wednesday we did get a reading of 39 which is very close to an oversold reading. We did bounce Thursday, and back and filled on Friday. So we need the Wyckoff Wave to get back into the trading range and head back to the resistance of the recent blue range to keep the bullish scenario alive.
The Wyckoff Wave and OP are trading in unison.
The Wyckoff Wave Growth Index continued to slide lower all week. We was wanting an oversold Technometer as we approached the blue support line of the uptrend. The problem is the Technometer is neutral, and never gave us a solid oversold reading. So we might find support here, but I just don’t have a high confidence trade.
Technometer is above neutral at a reading of 45.27.
The SPY closed lower for the week once again with volatility on the rise. Volume was also higher last week after the holidays, as expected.
The Technometer was near oversold in the middle of the week, at a reading of 39. It finished the week well off oversold, and price has not responded well to the upside. I am friendly here as well for higher prices, but my level of conviction is low.
The Technometer is neutral at a reading of 43.4.
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The bond market was up strongly this week, as stocks sold off. I still think this market is making a top and will turn down. We have an overbought Technometer, and if stocks rally, bonds should decline sharply.
The Technometer is solid overbought, with a reading of 52.53.
The GDX closed the week lower.
The Technometer has been near oversold, but we have no divergences between OP/Price. So once again we are staying on the sidelines until a high conviction trade appears.
Technometer is near oversold with a reading of 40.27.
The long dollar ETF, UUP closed flat for the week. We continue to feel this market is making a top, but action has stayed bullish. With the Technometer now oversold, we will stand aside.
The Technometer is oversold at a reading of 34.88.
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