Good Morning and Welcome to the XJO Wednesday Thread
News for Today (AEST)
The XJO closed higher (again) on Tuesday, spread was narrow, close was high, and volume (value traded) pretty much average.
After pushing lower soon after open, leaving the door open for the bears to continue it lower, the Index popped back up to even by lunch.
Then again during the afternoon, the Index slipped lower, and again the sellers had the opportunity but did not take it.
and the Index made up the lost ground, to close just slightly higher at the close.
As mentioned yesterday, Mondays 'indecision' type bar offered an opportunity for the bears, but it appears they didn't take the initiative.
For that reason (or until I see something different to change my mind),
I consider Thursdays upthrusty bar an absorption bar (remember the acronym), Fridays bar a shakeout, Mondays upbar a confirmation of the shakeout & Tuesday bar a test for supply &/or absorption bar.
And if I am reading the story right, it should break towards the upside, which would confirm the scenario.
Good Trading and Investing
cheers
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