If we jump over now to the XLP and this is obviously more weak uh versus anything else 921 to around 1116 in a corrective mode the RS has turned down. You have a 78.6 fib at 8224.
Shortterm there is a midcycle trough that is due right around now. So given that we are sitting at the 78.6 6 fib at about $83. It makes sense to look for a little pop back to the upside into these fibs here from around $8460 to 8520.
Then you have a 61.8 at about 8570. So somewhere around here makes sense here for a pop back to the upside. Let's see what's happening in terms of of the ASL MCM across time frames.
On the intermediate term, it is bearish. Short-term it is it is bearish and near-term, it is neutral. So, watch to see if that near-term bias can turn positive to give us some indications of a minor trough that may be forming on the daily bar.
