Hello - Tuesday, page-3

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.