No Housework Friday, page-3

XJO was down a little today -0.34%, on volume which is still trending lower.



The trading shows intra-day buying pressure but not enough to push the index back into positive territory.  That recovery occurred in the post-noon session.  The buying was gentle but sustained.

Here's a graph of recent volume:




We can see that the 10-Day Average is slowly sliding down, and the daily volume is staying below that level.  There's not a lot of interest in our market over the past month.  If volume picks up - we're going to see some big moves in our market.

Here's the weak point in our market - XXJ (Financials X-Property):




Today, XXJ broke below horizontal support and the 5-Day MA slipped below the 10-Day MA.  Indicators have plenty of downside room for further movement.

Today's action took the index below the 20-Day MA.

This looks like it wants to go lower.

XXJ makes up nearly half our market.  If it goes down, our market goes down.

Today's wide-range day might see an up day tomorrow.

For the contrarians.  VIX RSI is now at 77.6.  That's seriously overbought.  So we could see a bullish move by stocks.

Let's see how this current low-volume morass plays out.

RB.