XJO up +1.21% today. XJO rose strongly in the first half-hour of trading and then slid sideways for the rest of the day.
XJO remains within its trading range but at the top end of that range. It wouldn't take much to push it up into the next range.
Breadth today was disappointing. Advance 719, Declines 714. Virtually line ball.
New Highs/NewLows were negative. New Highs 30, New Lows 66.
Until NH-NL Cum rises above its 10-Day MA, stay defensive.
The big movers in sectors today were Financials +2.5%. Health +2.2%. XXJ (Financials) is benefitted from an expected increase in interest rates. That might sound contradictory, but rising interest rates allow Banks to increase their interest rate margins.
XXJ is in a short-term upside movement within a longer term trading range. We need to see more evidence that this is a sustainable bullish move.
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