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Good Morning and Welcome to the XJO Monday Thread
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News for Today (AEDST)



The XJO closed a little lower on Friday, where spread narrowed considerably, but volume remained above average.
The Index sat in negative territory for much of the session, however at this stage there was no 'ease of movement' towards the downside.
And while narrow spread downbars on high volume can look vulnerable, and sometimes are.....they can also often suggest an attempt to absorb supply (buying) in preparation for another leg higher.  So wait and see what the response is like, before locking in a firm opinion for one direction or the other in the near term.  Be aware there will often be a further downbar (or downbars) initially, searching for low volume (to prove the supply present will not become overwhelming), before any positive response is seen.
All that said, I personally feel that some sideways action is still quite likely at some stage soon, to consolidate the recent gains, before any serious acceleration higher takes place, so some sort of pull back around here would not surprise, perhaps down to test the 5750 level, or the line below that.......we'll see.....
EDIT - please be aware that there is no US trading session on Monday, as they celebrate Washington's Birthday, which is a federal holiday celebrated on the third Monday of February in honor of  George Washington, the first President of the United States.  
From time to time when there is not a corresponding trading session in the US, our market sometimes chooses to shakeout (or upthrust...depending on the trend at the time) over one or two bars, particularly if the cost is not too great, and the opportunity presents.






Good Trading and Investing