We are having an issue with the calculation of our Wyckoff Wave that are developers are working on. This week there will be no Wyckoff Wave chart. The Wave did work higher last week and appears to have some more to the upside for the coming week.
Apologize for the inconvenience.
The Wyckoff Wave Growth Index (WWG) finished the week higher after testing the previous weeks low as expected. We started the week with some slight selling, but finished the week with three strong days to the upside. The action was much more positive this week, but we need to see continued rally here to keep the intermediate bull case alive. Volume did not come in strong which is a little worrisome, and our Technometer is still near overbought.
Technometer is near overbought at a reading of 49.58.
The SPY finished the week higher as well.
After a early week selloff, our OP/Price gave us a bullish divergence as shown by the blue arrows. We also had an oversold Technometer, which gave us indications we was making a successful test of the previous weeks low. We used this an opportunity to add to long positions.
The Technometer is near overbought at a reading of 49.11. The bulls need to extend the gains here before the Technometer gets overbought.
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The bond market was up nicely for the week, correcting the previous weeks sharp losses. The Technometer has once again moved back to overbought so it appears we will struggle to make much more progress to the upside. We look for the TLT to rollover to the downside once again.
The Technometer is overbought, with a reading of 52.19.
The GDX continues to press higher as expected.
Technometer is overbought and the GDX continues to rally. This is bullish action, and we will look to buy a pullback.
The long dollar ETF, UUP was down slightly for the week. On the larger time frame it looks like we could have completed an upthrust. We look for continued selloff in the UUP.
The Technometer is extreme overbought.
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