Long Awaited Pullback Arrives

The XJO finally had its 10-day winning streak snapped today. The daily chart shows the XJO sliding off of the upper bollinger band as well as near-term upward trending resistance. We expect some consolidation around this point with the psychological 4,900 mark proving to be a point of resistance for now, with near-term downside to levels around 4840-4850. This should be a healthy point for a breather, before the XJO may climb further up the channel. Bears may be wanting to push price levels out of the current uptrend and even test the 20DMA, however a losing streak will need to be seen for this to happen.