Thu. p.m. 13/1/22. XJO finished higher today.
XJO was moderately higher today +0.48%, but off the highs which occurred at 1.45 p.m.
The Santa Rally produced a break above resistance, but that proved to be a false break after the big down day on 6 January, when the XJO fell a mammoth -2.74%.
XJO is still struggling to get above horizontal resistance. Interestingly, today finished its high at 1.45 p.m. which coincided with R1 of today's Pivot Points.
So today we add a double whammy resistance level - long term stretching back to October and intra-day. That's a powerful combination. No wonder XJO fell a little in the afternoon trading.
Breadth today was good but not spectacular. Advances 764 Declines 698. New Highs clocked in at 47, New Lows 7.
The Cumulative NewHighs-NewLows is an important metric for long-term investors.
While Cum NH-NL stays above its 10-Day Moving Average, long-term investors can sleep easy.
Cum NH-NL had a shaky sideways movement in November to early December, but it has shaken off that scare. Cum NH-NL has kept long-term investors in this market since May 2020, although that shaky period a few weeks ago was a scare - the worst one in over 18 months.
We're still long in the long-term for this market.
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