Hamburger Monday

Good Morning and Welcome to the XJO Monday Thread

The XJO closed marginally lower on Friday, volume was affected by individual equity expiry.
Spread contracted further, to be the narrowest bar for quite some time, so expect a price expansion in response at point soon.
The recent price action continues to look like an overshoot of the levels, rather than a price breakdown.
Once again there was not any serious downside follow through in response to Monday's low volume widespread downbar - there probably should have been by now, if price was truly weak, especially on the increase in volume recently.
For the third day it appears that what supply is being drawn out at this level,  is being bought, absorbed or accumulated by the market.
If this market is really going to breakdown (which looks much less likely now), it will take a pretty serious downbar to get this fresh buying dumped, and a domino effect underway.
Finally, for me, barring a totally unexpected event, sellers being allowed to 'get out' at this level (up near the recent highs), makes a serious breakdown even less likely.





Good Trading and Investing