Laugh and get Rich Thursday

Good Morning and Welcome to the XJO Thursday Thread

The XJO staged a moderate, and perhaps an unconvincing, recovery on Wednesday.
Spread or range was again pretty wide, but reduced over Tuesday's bar, and volume was above average, but also reduced over Tuesday.
Price stalled out as it attempted to move into the zone above, which I had initially been showing as a potential supportive zone when price was trading above it, but it could not offer any real support at all in the face of the overwhelming force on Tuesday.  Now that price is trading below this zone, it already appears to be producing some resistance (and this resistance is likely to strengthen further over time).
This very sharp pullback has caused some damage to sentiment now for sure,  and once it is over, a period of recovery and consolidation is the most likely direction for a period (aka - roughly sideways) .  Perhaps this will happen within the relative safety of the void between the two zones could be a likely level (last years four month trading range is marked below @~5790 to ~5675), or possibly on top of that long sideways range.


Good Trading and Investing