Gratitude Thursday

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



The XJO closed lower on Wednesday, where spread and volume were both about average.
Price dipped lower during the day, and briefly traded below last Friday's low, before recovering most of the lost ground by the close of trade.  
Overall the Index remains well within the sideways trading range.
The price action on Wednesday leaves price on the potential springboard (arrowed), and an upbar in response would confirm it.  
Just a quick note on springs -- they work best with the most power - and respond more consistently, in an uptrend, or with strength (buying) in the recent background, or at the end of - or after the breakout above, a sideways trading range or accumulation zone.  And springs are least powerful and can be quite inconsistent in their response, when in a downtrend, or after recent weakness (selling), or after the breakdown below a sideways trading range.  Finally, springs can and do fail, and a failed spring is a sign of weakness in itself.   
I expect there will be a positive response on Thursday.






Good Trading and Investing




**** Can someone put their hand up to open the Friday XJO Thread please.  I need to go interstate at short notice for a day, and won't be back in time to open.  I should be OK to open Weekend Charting and Chat on Friday night though.****


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