XJO up today +0.15%. Today was a narrow range day with some...

XJO up today +0.15%.  Today was a narrow range day with some indication of intra-day selling.



Indicators are bullish but some other indicators I have not shown on this chart are at extreme levels in the short term.

The chart still has to break above major horizontal resistance set by the highs in early June.

AdvVol/DeclVol Cumulative Chart has turned bullish for the first time since mid-April:



Back in early April, this indicator showed a negative divergence from the XJO and the XJO soon after went into a clear down trend.

Now, the AdVol/DeclVol Cumulative Chart has broken above resistance, well above the highs of early June.  That’s a clear positive divergence.  Hopefully, this will be a leading indicator for further upside.

The above may be contradictory, but it is a matter of time scales.  Short term, I’m expecting consolidation or a pullback.  Longer term, the outlook is positive.

RB