Meteor Watch Friday

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



The XJO closed higher on Thursday, where spread was again wide, and volume increased, but importantly-was not excessive.
It was Individual Equity expiry on the ASX, however the volume associated with this event is usually seen on the day following.
The Index continued on from where it left off on Wednesday, and quickly rose up to the older breakdown line @~5790, where price stalled for a period while it absorbed the supply waiting there.  Demand eventually won out though, and price continued higher during the afternoon session, and closed adjacent to the congestion zone from mid May (which is also likely to contain older stale supply that will offer resistance to some degree).
The highest expectation for today is for price to again push higher (or at least attempt to), but with a narrowing of the spread because of the increased difficulties associated with the congestion to the left, and a mid bar close.   
Next highest probability would be for a similar bar, but with a poor close, followed by a strength test of the support @5790 early in the new month.
(I expect a test of 5790 is a likely possibility early next month at some point anyway, but obviously is not a certainty).





Good Trading and Investing