XJO up +1.04%.
Today's candle is a bullish engulfing candle which indicates more upside in the near term.
It is clear that XJO is in an indecisive sideways consolidation. Until it breaks out above overhead resistance, it is best to consider any upside moves as counter-trend rallies.
We did see some bullish rotation today into recently less attractive sectors. Financials (XXJ) up +1.53%. Communication Services (XTJ) up +2.42%. Information Technology (XIJ) up +3.19%. Consumer Discretionary (XDJ) up +1.82%.
The recent darlings of the market haven't done relatively so well. Energy +0.14%. Materials +0.53%. Those are positive figures but not nearly as good as the other figures above.
That augurs well if this trend continues.
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