Stay up all Night....Wednesday

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



The XJO closed lower on Tuesday, where spread narrowed a little, volume increased a little-and remained above average, which infers a some hidden support within the price action.   Anyway, in response to Monday's tentative upbar which left an incomplete reversal, price pulled back (eliminating any chance of a reversal of Friday's downbar), and eventually closed adjacent to last Friday's low.   Although price has not actually broken down yet, this leaves the Index in a position where it can come down and re-test the longer term level below (blue line) if the opportunity remains available (this was quite likely once price failed at the previous high, and broke below the middle blue line). For price to breakdown, IMO it needs to clearly close below the low from 19th April, which would invite a test of the purple lines below, if it occurred.





Good Trading and Investing