Eat a Red Apple on 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 lower on Wednesday, where spread remained about average, volume was very high, and the close was mid bar.
The very high volume is a little unusual, and needs to be confirmed.
Price dipped below the important line @5465.7 which it appears drew out some very high volume, the average spread & midbar close suggests a decent attempt at absorbing the supply was made.  That said, even if  there was some really determined buying on Wednesday, there was also some really serious supply being drawn out, and that supply will most likely be tested.  So while price may gyrate around the important line above, at least another thrust lower and back into the body of Wednesday's bar, is reasonable chance at some time (look for reduced volume if you are bullish).
The opposing view (while less likely, is not impossible by a long shot), would suggest the Index may eventually be overwhelmed by the supply being drawn out, causing price to fail and breakdown.








Good Trading and Investing
.