XJO Still Creeping Up

Once again the XJO tested 4,800 but failed to close above it. On the daily chart shown, this now makes it three out of the last five trading days where the resistance has held firm.

Bulls may look to the MACD, where a bullish signal may be beginning to emerge to give the necessary push to break above 4,800. As noted yesterday, we still may see a slight pullback this week, then a bounce off levels around the 4,770s to begin another assault at claiming a close above 4,800.