Go for Broke.......Wednesday

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Good Morning and Welcome to the XJO Wednesday Thread
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News for Today (AEST)



The XJO closed lower on Tuesday, where spread narrowed, and volume was quite low - especially for a Tuesday.
Similar to Monday, price dipped lower soon after the open, offering the upper hand to any sellers who wanted to step up....it seems not many did.
It was a bit of a 'nothing' bar overall, as the Index appeared to be 'on hold' again, and most of the day's trading was done inside the previous bar's range.   The lack of downside follow through and quite low volumes in response to last Friday's downbar, suggests selling pressure remains quite low at this point in time.  
I still feel that our market is either waiting for a catalyst locally, or a confirmation that the US is not going to pull back to any serious level, before it continues to grind higher.  Sellers are not particularly strong at the minute, and on the rare occasions they step up and gain the upper hand, there is very little ongoing downside follow through, and eventually the (shallow) pullback is used as a buying opportunity (like a shakeout).





Good Trading and Investing