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Good Morning and Welcome to the XJO Monday Thread

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New for Today (AEDST)




The XJO closed lower on Friday, where price made a brief attempt to rise, but the higher prices were again beaten down pretty quickly for a second day running.  Spread narrowed considerably, volume was the highest for the week(but most likely also contained some spillover volume from individual equity expiry on Thursday), and the close was well off the daily low - at about mid bar.
This price action suggests there was an element of (speculative ??) support in the market on Friday, which (logically) occurred adjacent to where the Index accelerated away from the previous low and then tested for supply.  If this support was indeed just speculative, it will probably be quickly dumped if overseas markets don't respond positively overnight, in turn causing a wider spread downbar on Monday.
The high volume on Friday suggests there is still quite a bit of supply around, so don't be surprised to see either some further downside, or possibly a decent shakeout in response, as any rise in price will most likely draw out further supply in the near term until this supply is either absorbed or removed.





Good Trading and Investing

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