[ATTACH]...

------------------------------------------------------------------------------------------------------------------------------------------------------
Good Morning and Welcome to the XJO Thursday Thread

------------------------------------------------------------------------------------------------------------------------------------------------------


News for Today (AEST)




The XJO closed marginally higher (again) on Wednesday
Spread narrowed, volume reduced slightly, and the close was poor
Price initially (briefly) accelerated higher, but the rise encountered some supply and was not supported, which brought it back down, then the Index generally ground sideways for the rest of the day.  It appeared the market was 'on hold', waiting for news or direction on Wednesday.
This could go either way from here....I know the price action looks potentially weak, and it may be, however in an uptrend where supply is present these 'absorption type bars' can sometimes show up, especially when the market is on hold, or is waiting for news or direction (see the bars arrowed).
It is only the subsequent price action that will show if it was truly weakness, or if it was absorption, so have a plan for either scenario in the short term.
As mentioned before....if the price does turn down and supply starts to overwhelm, in my book it is 'trading sideways' until last Wednesday's low is clearly broken.







Good Trading and Investing

.

Spoiler : ***Warning - Saucy Cartoon***