Can we afford it ?? - Thursday

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Good Morning and Welcome to the XJO Thursday Thread

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News for Today (AEST)











The XJO sliced through both levels of overhead resistance ( 200SMA (not shown) & horizontal), and closed higher on Wednesday.   While it may have appeared effortless during the session, the difficulty the Index had in pushing up through those resistance levels, and then maintaining its position above them, can easily be seen in the much narrower daily spread, which was made on an increase in volume (in a nutshell the Index put in a stronger effort on Wednesday, but made less ground higher 'on' that increased effort).   The change from a downwards intermediate trend to a sideways range looks pretty much complete for now.  And the next few days response to the momentum generated recently, becomes really interesting at this juncture on the chart, as there are quite a few different things that can happen in the near term (reversal and/or failure, confirmation and/or acceleration, sideways in a trading range etc.).   As usual it should be entertaining whatever happens.......















Good trading and Investing


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