[ATTACH] Good Morning and Welcome to the XJO Wednesday Thread...

Good Morning and Welcome to the XJO Wednesday Thread

Not too much damage was caused to the Index after Mondays close, but a 'whole lot' was done after Tuesdays close.   The Index sliced down with real intent, showing no regard for previous levels with a wide spread and very high volume.   Price almost pushed right down to the top of last years four month long - sideways trading range at the lows of the session.   I have that trading range as roughly between 5675 - 5790,  which is where the Index might end up consolidating in the near term....we'll see....
Today's bar and volume does offer some suggestion it is climactic in nature, if so - there may be a (brief ??) rally of some sort in the near term, before a good chance the lows will be retested again for strength.
The analysis should become more clear, once the serious volatility begins to subside, and the dust settles a bit.
However, at this stage it is highly unlikely there will be any swift recovery now, for me the most likely scenario is for price to eventually find a level where there is enough support to move sideways, and then consolidate for a period in a trading.



Good Trading and Investing