Gain Control !! - Friday

Good Morning and Welcome to the XJO Friday Thread


Trivia - redbacka mentioned how narrow the spread (range) of Wednesdays bar was in the U.S. (S&P500)
  Comsec confirmed this saying 'it was the 4th narrowest daily bar since 1982'


News for Today (AEST)





Follow through demand pushed the XJO higher again on Thursday.
Spread was about average, with a fairly high close.
Volume (value traded) was a little below average, suggesting that any selling pressure was not strong,
and also showed 'ease of upward movement'.

Spread did narrow somewhat compared to the previous bar, however volume did as well, and Wednesdays bar was very wide, which would be difficult to repeat.
On an Effort Vs Reward basis, I consider it about normal, and the high close negates (but does not eliminate) any bearish tones.

The move above 5483 again gives the Index a 'potentially' bullish bias, in my opinion.

Although, for the Index to actually breakout (it is still in the sideways congestion so far),  I would like to see the Index value rise above the recent high (marked), showing an 'intent' to move higher, and then (preferably) followed by a pullback & successful retest of either level (~5555/~5483) before moving higher again.

Lets see how it goes.... it is still sideways for now, although with a potentially bullish bias.....

Spoiler : ***Paddo's Special***

Good Trading and Investing


cheers