XJO down -2.3%. That’s the worst day since …. I don’t know. I went back two hundred trading days and then stopped. 14 October, 2014 was down -2.05%. There was one more down day after that and then a sustained rally.
Now you’ve heard the bad news. Here’s the good news.
The really surprising feature of today was in the breadth stats. Despite that horrible figure on the XJO, the TRIN (a measure of breadth based on advances/declines and upsidevolume/downsidevolume) recorded a bullish 0.72. Not bad. Either there’s some sort of anomaly there, or this is not as bad as we think.
Here’s the XJO Chart:
Wait – there’s more.
The chart is now down close to a major support level. the Aug/Sept, 2014 highs. We can expect some help in that area as the market is now oversold.
This could go a lot lower. But we’re probably due for at least a short term bounce.
If the Aug/Sept 2014 highs give way. Watch out below.
The current down draft was written into the cards on last Thursday when I wrote that the market had “broken down”. After a brief respite – we got today.
Maybe there’s not a lot more in this. We’ve had an ABC down movement. That could be it.
We’ll see when we hit the Aug/Sept 2014 highs.
RB
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