XJO Repelled At 4,950

Today was an interesting day where the XJO fell flat on its face after starting off the blocks quickly. 4,950 was briefly claimed, but profit takers quickly pushed the index to only its second loss in thirteen days. From a technical perspective, bears protected the resistance line with selling pressure increasing as the day wore on, resulting in a close at the daily lows. Consequently, a shooting star has been printed on the daily chart, which may signify a reversal is near, though we require confirmation of whether the nearest support at around 4,900 will hold or not. For now, 4,969 seems in tact and in no danger of being taken out.