9/6/22. XJO fell heavily again today.
XJO fell today -1.42%. Financials (XXJ -2.07%) again smashed.
XXJ has now lost all of the big rally from early March to late April. I'll be looking for a floor under XXJ about these levels.
Best performing sector today was Energy +0.56%. It was the only sector with a positive result.
Breadth remains poor.
NewHighs-NewLows Line continues to fall steeply. The Advances-Declines Line confirms the bearish outlook.
I think it is best to stay defensive until we see definite improvement in these instruments.
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