bounce back - thursday

Good Morning and Welcome to the XJO Thursday Thread

News for Today (AEDST)

Once again the XJO was relatively flat on Wednesday, and the last four days have all closed within a 6.5 point range.

I have leaned towards an absorption theory recently, looking for a further push higher,
however the longer this takes to actually break up higher, the less likely it will be correct.
So while the tight clustering of closes just below potential resistance does continue to suggest absorption, I am becoming less enthusiastic with that theory, at least for the short term.

The Spread of Wednesdays bar was about average, as was the volume, and it closed about the middle.
Pretty much average all round....
About the only thing of some interest was that Wednesdays bar made a slightly lower low than Tuesdays bar.

I'm sticking with the absorption theory for now, although the probability is reducing no doubt.
Should the Index choose to come off a bit here, there are quite a few levels of potential support not far below the current index value.

Good Trading and Investing

cheers