XJO down today -0.19%.
The market was down on the opening and recovered some of that lost ground as the day progressed.
Looking at the chart we have clear very short-term support and resistance levels from Thursday and Friday last week. Today’s action lies between the highs and lows of Thursday/Friday. A break above/below those levels should provide direction for a few days.
Here’s the Trend Matrix:
Column 1 Column 2 Column 3 Column 4 Column 5 0 Index Short Term Medium Term Intermediate Term Long Term 1 XJO Flat Long Long Long 2 XTL Flat Long Long Flat 3 XMD Long Long Long Long 4 XSO Long Long Long Long 5 Sectors 6 XMJ Flat Long Long Long 7 XEJ Long Long Long Long 8 XXJ Short Long Long Flat 9 XNJ Long Long Long Long 10 XDJ Long Long Long Long 11 XHJ Long Long Long Long 12 XPJ Long Long Long Flat 13 XUJ Flat Long Long Short 14 XSJ Long Long Long Long 15 XTJ Short Flat Short Short 16 XIJ Long Long Long Long 17 XGD Long Long Long Flat
Only one change occurred in the Trend Matrix and that was positive. Health (XJO) switched from Flat to Long.
Where does this leave us? In limbo. Currently, the XJO is Flat after having a considerable rise from early October and then a pull-back. The last three days have left the XJO in a small consolidation pattern.
Indicators suggest we have more downside before the next move up. So I’ll continue with my view that we have another leg down before we see a resumption of the bull rally.
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Last
8,283.2 |
Change
-72.700(0.87%) |
Mkt cap ! n/a |
Open | High | Low |
8,355.9 | 8,355.9 | 8,261.5 |
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