XJO Juggernaut Rolls On

This post has been edited for accuracy.

The XJO piled on another solid gain today, shrugging off TLS & CBA ex-div action as it continues to follow the uptrending resistance closely, yet fails to break out.

What is interesting to note is that the the DeMark indicators are entering a spot where they are flashing strong overbought signals. If we look at the TD Sequential formation, three perfected TD Setup "9" sell signals have been achieved in succession, with the rally now moving into the late stages of another TD Sell Countdown after the recycle qualifier was triggered to negate the prior TD Sell Countdown.. Today the count reached 13, completing another TD Sequential Countdown sell "13" signal. However since we are in the stage of a third separate TD Sell Setup "9" that is moving towards overextended, it is glaringly obvious that there is intense momentum of buying pressure.

Until we see a reason to not meet the recycle qualifier in this formation, "the trend is your friend, until it ends," and bulls will be looking to move towards 5,100.