The Wyckoff Wave was down slightly for the week. Volume was slightly lower for Holiday week.
The O-P was unchanged for the week.
The Force Index was up for the week.
The Technometer is nearing oversold.
The Optimism Pessimism Index and the Wyckoff Wave are trading in unison.
The Wyckoff Wave closed slightly lower for the week as we expected. The selloff still looks corrective in nature and no major sell volume. The Wyckoff Wave is still trying to correct back to the creek, and could continue its recent gains after successful test.
Our Technometer is near oversold. This looks like bullish action and we continue to look for more stocks to buy in the coming week, especially if Technometer will register oversold.
Charts on a few ProTraders positions.
KEYS we purchased as you can see the OP was downtrending and price was holding, while the Technometer registered oversold. This position has responded well and appears more to go to the upside.
PAGS also had the OP work lower while the stock was making a backup to the creek while an oversold Technometer reading. This one took off which is normal action after a backup to the creek. It is holding its gains and looks higher.
MSFT has had two times recently of the OP making new lows while price holds as marked by blue arrows. Also the oversold Technometer…
The Wyckoff Wave Growth Index (WWG) ended the week slightly lower. We thought we would see a little more correction, but so far holding at higher levels.
The Technometer is deeply oversold.
The SPY finished the week unchanged.
The Technometer was oversold and now neutral. If we have completed a backup we need to see price respond to the upside aggressively here.
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The bond market was up slightly for the week, after a selloff on Thursday that sprung the previous days.
The Technometer was oversold last week and we only moved sideways. We thought we could see some further gains here, but for now we are still on the sidelines.
The GDX finished slightly lower for the week as expected.
We had an overbought Technometer last week, now we are nearing oversold. We really want to see this market move lower here, or we could possibly cover shorts and stand aside.
GDXJ looking the same…
The long dollar ETF, UUP was up for the week.
We are looking for a spring/test here and further upside. We will monitor….
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