XJO down a little today -0.2%.
Both days have seen some intra-day buying, which means the bulls haven't completely throw in the towel.
The trend remains bullish - stay with the trend until otherwise indicated.
Four sectors were up today. The best was XHJ (Health) +0.93%. That suggests we are seeing some switching out of cyclicals into defensives. XHJ has been quite weak lately because of a poor report from CSL which fed through to the rest of the sector. CSL was up 2.22% today. Here's its chart:
Today's candle is a bullish engulfing candle on heavy volume - which suggests institutional activity.
Intra-day action was also interesting. CSL was down -0.5% in early trading today until about 2.00 p.m. when it took off. It finished today at 264.57. According to The Motley Fool, UBS has a target of $340 for CSL, That's a lot of space from the current price.
In evening trade, Europe is up modestly. German DAX +0.17%. French CAC +0.22%. UK FTSE +0.25%. Dow Jones Futures are flat +0.03%.
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