Off the Chart..... - Tuesday

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Good Morning and Welcome to the XJO Tuesday Thread

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News for Today (AEST)





The XJO closed modestly lower on Monday.
Volume (value traded) was well below average, and back to some sort of normality (for a Monday), after a couple of  weeks with above average volumes.

I am (at times) a bit wary of our market when there is a holiday in the US, as it leaves our market open for 'silly buggers' to be played.   For this reason I will sometimes (in my mind) imagine the two bars that have traded without a US lead, combined together into one bar, as a single representation of what happened.

Anyway, the Index quickly sliced lower after the open, only to recover most of those losses by the end of day.
There is now a cluster of three closes (with a 12.6 point spread) around the danger point, which is centered around the horizontal line @5039.6.
Price action that cluster's like this, often suggest's the absorption of supply.  
And while this may only be a coincidence, it is not worth completely ignoring.

I'll wait to see what tomorrow brings before making any further assumptions.

Spoiler : *****Warning - (Really Gross) Management Structure Humour - Please don't click if this may offend you *****

Good Trading and Investing

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