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Good Morning and Welcome to the XJO Friday Thread
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News for Today (AEST)



The XJO closed slightly lower on Thursday, where spread narrowed a little, volume was affected by options expiry (although it was only about average volume for Index Expiry day), and the close was poor.
The Index attempted to push higher in response to the potentially bullish trading on Tuesday and Wednesday, but there was not enough demand to overcome the supply drawn out as price challenged the highs of the trading range.  So it appears there was only a 'half hearted' attempt at a breakout, and not a very serious push.  This leaves behind a contentious bar which infers weakness (and that may be correct), however that is only the case if there is some decent downside follow through in response, which would likely take price back down to the lows of the trading range.  There is also some chance price was absorbing supply at the highs of the range, in preparation for a more serious push higher. So obviously, the response on Friday will be quite important to see.   It might also be worth noting that the green downtrend line was respected on Thursday, and while I give horizontal lines more credence than trend lines, that line has worked well over the past few weeks.






Good Trading and Investing