Evaluate your Life - Wednesday

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Good Morning and Welcome to the XJO Wednesday Thread

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News for Today (AEDST)




The XJO closed higher on Tuesday, where spread narrowed, and volume increased a little.
At this point in time the Index has made an attempt to reverse Monday's losses, but the difficulties encountered (selling pressure) can easily be seen on the chart in the spread and volume.  (ie- Monday's breakdown bar had a wide spread showing 'ease of movement' to the downside, on decent volume for a Monday, this was because the sellers easily outnumbered and overwhelmed the buyers.  Whereas Tuesday's bar had even more volume, but could only recover about half of the lost ground, and price was stopped right at the lower dashed resistance line, so the buyers were finding it difficult to absorb the sellers, which kept the spread narrower.).  So I estimate the probabilities continue to lie with the downside in the near term.
And for the opposing view....... should price just continue absorbing its way higher, and grind its way up into the potential resistance above. For me the price action will not turn bullish, until the high of Monday's breakdown bar is clearly exceeded  @5441.2.







Good Trading and Investing

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