Mon. a.m. 29/11/21.  XJO finished down today, but well off it's lows.

XJO finished today down -0.54% after being down -1.3% in early trade.

It's clear from this chart what happened today.  The XJO broke below the 200-Day MA in early trading and almost reached a major support level.  That brought the alto traders into action and they pushed the market higher, but not enough to put it into positive territory.

Today's action is promising, but doesn't mean a lot unless we see solid follow-on buying tomorrow.

Until proven otherwise, any upside movement should be viewed as a counter-trend rally.

NewHighs-NewLows Cumulative broke below its 10-Day Moving Average for the first time since May 2020.  That's a significant event and suggests long-term investors take defensive action.  I detailed that in yesterday's Weekly Wrap.

Advances-Declines was again negative.  The Cumulative Chart continues to crash.

Until we see an improvement in this metric, it's best to stay defensive.

XXJ (Financials) was again a big drag on the market today, down -1.07% and remains in a strong down-trend.  It did bounce at a major support level today, but any upside should be viewed as a counter-trend rally until we have definite evidence of a bull market in Financials.