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.
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