XJO down -0.86% today. We are back to testing critical horizontal support.
This sell-off was across the board. No sector was spared.
Surprisingly most sectors were down -0.07%. Seven sectors out of eleven were down -0.07%. That was also the best performance today. ???
Such correlation is highly unusual. I really don’t know what to make of that.
The worst performer today was XUJ (Utilities) -2.5%
That takes it back to a recent horizontal support. Plenty of potential positive divergences are setting up.
XUJ is the worst performing sector in our market after Telecomms (XTJ).
If it bounces here – that could be a bullish sign for our market which is trending sideways.
The main determinant of our market is XXJ (Financials x-prop):
It was down today ~0.7%. Very short-term it is in a sideways consolidation but the trend from early September is up. It needs to get above horizontal resistance to prove its bullish credentials.
So. Do we presume that the current sideways trend will continue? Which means we will bounce here. Or, will horizontal support finally break.
Given the past two days poor action, I think we’ll bounce tomorrow. If we get a trend day down, then we can kiss the XJO goodbye.
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