XJO down modestly today -0.24%. It was up at the opening, but steady selling throughout the day saw the Index finish on the negative side. The intra-day selling is evident in today's candle.
The short-term trend channel remains up, but CCI and RSI5 have given short-term sell signals. Expect more downside. But that big horizontal support level might just hold the market there.
Four sectors out of eleven were up today. Energy +1.6% was the big winner after the big rise in America on Friday night. Materials also did well, up 0.9%. The other sectors on the plus side were only up marginally, Consumer Discretionary and Utilities both up +0.1%.
It looks like we're on the old roller coaster with Resources on the plus side and XXJ(Financials) on the negative side.
XXJ down -1%, with a bearish engulfing candle.
And that bearish engulfing candle has come right at the 200-Day EMA. Indicators are showing short-term sell signals. Expect more downside.
Sometimes, this business is just too easy. Of course, just when you think that, the market hits you with a double whammy.
If Resources/Financials continue as countervailing powers, the pull-back in the broad market shouldn't be too bad.
RB
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Change
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