XJO up today +0.28%.
Although XJO finished up today, the candle is an "inside day", which means that today's intra-day high was below yesterday's intra-day high.
Plenty of overhead resistance remains, which means the path of least resistance is to the down-side.
Today's market was unbalanced. Energy +4.88%. Materials +3%. They were the big winners today. Only two other sectors were up. Utilities (dragged up by Energy) +0.84%, and Information Technology +0.02% - basically flat.
Financials took a big hit, -1.44%.
The unbalance in the market was felt in breadth.
NewHighs-NewLows -18. UpStocks-DownStocks -158.
Unless the market is supported by breadth, it is in danger of falling.
NH-NL Cum Chart:
While NH-NL Cum remains below its 10-Day MA, I'll remain bearish.
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