XJO was down -0.51% in choppy trading.
Today's candle is an "inside day" which suggests indecision despite the negative finish.
The current three-day action looks like a bull flag. So we could see some more upside here.
The Index continues to have longer term bearish signs. The chart remains below the 50/200-Day MAs and below the Ichimoku Cloud. If the XJO can break above those, we could see an explosive move to the upside.
I'm not expecting that as the bearish conditions suggest more downside. But it is a scenario to consider.
Imagine, for instance, that Russia pulls back from Ukraine. That could provide the impetus for a big move to the upside.
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