11/5/22. XJO up modestly today +0.19%.
The Index saw plenty of intra-day buying today, after being well down at around 11.00 a.m. From that low, the market put on about 70 points - a remarkable turnaround.
Horizontal support at 6980 has now held for two days in a row.
Today's action produced an "inside day". That's still an indecisive action - but the hold at horizontal support suggests we will see more upside.
Best sector today was Health (XHJ +1.74%). Financials (XXJ -1.06%) was the worst performer. That was offset to some degree by a healthy rise in Materials (XMJ +0.9%). Six sectors were up while five were down. That's in line with the modest rise in the XJO.
Europe and the U.S. are currently showing positive signs of life, so we could be at the start of a counter-trend rally. Just don't think this is the bottom.
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