------------------------------------------------------------------------------------------------------------------------------------------------------- Good morning and Welcome to the XJO Wednesday Thread
The XJO closed substantially higher on Tuesday, in a fairly logical position, and with wide swings again the order of the day.
After briefly slicing lower and finding little on going supply, price quickly reversed and strongly accelerated higher during the morning session on Tuesday. Price then spent the rest of the day consolidating the rise at (or near) the day highs, roughly between 5100 and 5140.
Spread was again very wide, volume (value traded) was very high, and the close was high on the daily bar.
(I should mention that I double check the daily turnover figure each day, but today was an anomaly with the three sites I check giving different answers (although all were high). Anyway, my chart data comes from Thomson Reuters and is usually quite reliable, so I went with the turnover figure which corresponded correctly with the Thomson Reuters 'actual' volume figure)
As an individual bar (or two bar) set up, price did a pretty good job on the day. Not a massively bullish pair of bars together, but not overly bearish or uninteresting either. It was just a pretty decent job for a single day. Price would need to put in a nice clean close above 5214 (at a minimum) to give this any sort of bullish appearance now, at least for the near term.
I expect that 'generally' sideways is the highest probability for a little while now, with trading between the upside, where difficulties above 5214.6 initially, and then 5303.1 may be found, and to the downside, where a retest of the long term line @5039.6 and/or the recent lows would not surprise.
(20min delay)