Wed. p.m. 3/11/21.  XJO was up strongly today.

Above is a chart for STW, ETF for the XJO.  Sometimes we get a better idea of market action from the ETF than from the Index chart as the Index chart always starts where it left off the previous day because of the staggered start to stock trading at the beginning of the day.

Today, STW gapped up strongly at the beginning of trading erasing all the losses of the previous day. it then continued to surge higher, but intra-day selling erased most of that surge and STW only finished slightly higher than it started.  That's not a sign of confidence by the bulls.

STW finished below the 50-Day MA, below the Supertrend 1.5/7 and below the Ichimoku Cloud.  All bearish signs.

To add to that, breadth, despite the strong day's result, was poor, 697 stocks up, 722 stocks down.    We need to see an improvement in breadth before being confident that the pull-back is over.  The Federal Reserve decision tonight could be crucial.