XJO down modestly today -0.21%.
The XJO saw a sharp drop-off at the start of trading, some of which was recovered in the morning session. From there to the close it was pretty much a sideways trend.
Breadth was poor. AdvancingVolume/DecliningVolume was poor at 0.59. That could be a contrarian sign that the market is about to rebound. Anything below 0.6 is a contrarian signal. So maybe we're about to see a rebound, but don't count on it. We could see a couple of days of poor action before a rebound.
The relatively benign result today was a result of strength in the XXJ (Financials).
I've talked about the relationship between Resources and Financials yesterday, and how they often have a counter-vailing power which results in some equilibrium in our market. Today, Miners were weak:
XMM down -1.22%. That's not a disastrous event, as XMM remains in a side-ways trend and holding at the 50-Day EMA.
XXJ had a marginal rise +0.16% which off-set the big fall in the Miners:
Today's action in XXJ occurred at a major horizontal support/resistance line. But this is appears to be early in a pull-back according to the indicators. So we can expect more downside in Financials.
So we're on a see-saw, XXJ/XMM. XXJ has more weight on this see-saw, so bet on some more down-side in the near future.
RB
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Change
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