Chip and Dip Thursday

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



The XJO closed sharply lower on Wednesday, where spread increased substantially, but volume was only increased a little, and a was just a touch above average.  The Index sliced lower in sympathy with overseas markets from the open, and with very little demand in the market, was able to move easily down on average volume.  If price cannot at least regain the 5710 level in the very near future (today pretty much.....), I expect the previous support at the 5606/5604 level below to be tested for strength.  
Counting the congestion across the 5770 level, the 4x3 point and figure chart (using hourly closes), give a downside reasonable target of 5638, which would put price back within the congestion from late January to early February.
Finally, I can't help but think that those two bars (and volume) from last Thursday and Friday, look even more suss now.....





Good Trading and Investing