On a EOD ( End of Day) closing basis, we have seen a PIVOT POINT REVERSAL to the upside with SP500, at the close our time this morning (US session ending 12/01/2016). A short term bullish development which is worth noting. It may and can change by the weekend or even by tomorrow, but the general rule of thumb with these reversals is to expect a halt/stop to current decline, with short term bullish bias to the upside ( next 5 – 10 periods).
OBV ( On Balance Volume) at the bottom window, needs more work over the coming days to add the much confirmation to this bullish short term reversal.
As for XAO, my focus is on the XMM ( Metals and Mining sector) to see if we get a short term bullish reversal over the coming days/weeks, which may reinforce the support with our broader market XAO, dating back to August 2015. Without a participation from that sector (XMM), at best, the range bound price action with XAO, is likely to continue.
Our support with XAO as of this writing is still holding.
SP500 Daily Chart Below.
Chart is courtesy of StockCharts.com
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