Divine Intervention - Wednesday

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Good Morning and Welcome to the XJO Wednesday Thread

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News for Today (AEDST)




The XJO accelerated to the upside, and closed higher on Tuesday, leaving behind a potentially bullish reversal bar.
(it should also be noted that there is a potentially bullish reversal in the background on the weekly chart - not shown)
Spread increased, and the volume was above average (which is to be expected on a widespread bar - unlike Mondays bar and volume).
The Index appeared to reverse off the red line in response to the potential hidden buying seen within the previous bar.
As mentioned, waiting for Tuesdays bar to complete would likely give a more reliable view of the chart, and the possibly the overall market.
Price is now up near the top of the trading range (again), where supply has overwhelmed price before, causing it to eventually fail.
Some sort of challenge to the supply line,  is to be expected (again), either today or in the next few days.
Perhaps the work done over the last five trading days, may have absorbed and shaken out most of that supply, which will allow the index its chance to breakout above the trading range.

Spoiler : **** Warning - Fishing Humour ****

Good Trading and Investing

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