The Industrials Select Sector Spider (XLI) was higher for the first time in 3 sessions despite kissing an intraday low of $81.18. Current and upper support at $81-$80.50 was challenged but held. A close below the latter and the 50-day moving average would be an ongoing bearish development with additional risk towards $79.50-$79 and the December low at $79.26.
Near-term and lowered resistance is at $82-$82.50. Continued closes above the latter and the recent all-time high of $82.66 would be a renewed bullish signal for a run towards $83.50-$84.
RSI has leveled out with support at 50. A move below this level would signal additional weakness towards 45-40 with the latter representing the early December bottom. Resistance is at 55-60. A move above the latter would signal additional strength towards 65-70.
