2.3m isn't strong volume but the closing ATH and triple (almost...

2.3m isn't strong volume but the closing ATH and triple (almost quad) top is bullish which is great. It certainly bucked the trend today which is very good showing strong resilience in both the sector and against the all ords.

The housing sector in the US. Particularly new builds is showing heavy weakness however stronger than expected PMI is what rubbed out the POG progression at the end of last week...it's a Merry Go round of conflicting data points and in my opinion the US is already showing strong signs of recession. The data is being tweaked to suit the narrative in a 'hold at all cost' situation in the lead up to the election.
This conflicting data is indicative of the Russel 2000 chart (much smaller Cap businesses) struggling severely compared to the S&P500/NASDAQ which is/has been setting fresh ATHs almost as regularly as changing underwear. It's only a matter of time before they roll over too as being propped up by the likes of Nvidia cannot be sustained. The stock market will need a mild correction which could steepen into something much more permanent and severe and is entirely possible pre election. In my mind right now, smart money is unloading in the US. The banks aren't ok and 'higher for longer' will see many more failures and many more filings for chapter 11's.

As soon as the fed shows any signs of being dovish the POG will launch much higher which I am really looking forward to as I believe it's inevitable. POG might get pulled down with the ship if a correction is nasty but will bounce back once positions are unwound as it's almost the only game in town where long term fears of wealth destruction via fiat instruments can be quelled.
As I write this POG has climbed 10.50 to $2330 so a strong rise along with some decent momentum might see WAF breakout. The gap down of last week on the WAF chart is closed also which is great to see.

Things will get exciting if WAF can sustain above the current SP for the week. The 20 day SMA is above the 50, day SMA, RSI on the 14 day is 65(ish), MACD is positive and with the big volume pump on Friday which has been the biggest in weeks and SP at ATH it's looking very sharp if the momentum stays for the week.

I have personally been concerned about leaving the profit on the table and this is one of those stops where it may be prudent to be cautious but also in a bull market it is always difficult when to know when to get off or let it ride.

All my opinion only, not advice.