Fictitious Data, Ludicrous Assumptions, and Wishful Thinking - Thursday

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Good Morning and Welcome to the XJO Thursday Thread

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News for Today (AEDST)




The XJO did close higher on Wednesday, in response to the potentially strong bar presented on Tuesday.
This does at least offer some confirmation of Tuesday's bar, and the possible strength within it.
Anyway, spread narrowed considerably, and volume reduced to below average.
Sadly the response, while higher on Wednesday, was quite muted, which leaves further 'if's and but's' for the Index in the near term.
The narrow bar suggests that there is still supply present, and that all the supply at this level was not bought during Tuesday's down bar (leaving a supply vacuum).  It is unlikely (but not impossible), that the Index will 'mark up' in a sustainable manner, if there is still decent supply coming in.  This situation may cause price to again sweep lower, in an attempt to absorb and mop up the supply that is still present.
And should the supply continue to increase, or possibly even overwhelm the support seen on Tuesday, price may breakdown again.

Spoiler : **** Warning - Marriage Humour ****

Good Trading and Investing

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