Morse Code Wednesday

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Good Morning and Welcome to the XJO Wednesday Thread

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News for Today (AEST)





The XJO closed lower on Tuesday
Spread narrowed, but volume increased and was quite high for a Monday, which generally suggests buying, and in this case potential absorption (of supply).   Price spent most of the day in negative territory, testing the (important) low of last Thursday's bar (green line @5216.0), but the Index did not breakdown and eventually closed back above that line.  A breakdown and close below this line would potentially turn the trend back down for a deeper pull back.  However it appears that any supply coming in was bought (absorbed) on Tuesday and an upbar in response, to again challenge the line above @ 5249.8, is quite likely (and would also help to confirm the scenario as it unfolds).










Good Trading and Investing

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Pr