Pizza Thursday

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Good Morning and Welcome to the XJO Thursday Thread
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News for Today (AEDST)



The XJO closed higher on Wednesday, where spread narrowed, & volume reduced to the average line.
In response to the support (buying) seen on Tuesday, the Index ground higher for most of the day, and closed in the shadow of the previous breakdown line.  I don't expect that price will immediately accelerate away from this level (I mean it could, I just don't think the chances are particularly high that it will), most likely is a move into one of those sideways trading ranges that our Index appears to like so much, while the absorption and accumulation process takes place, and at the same time the market players can reassess and review the future direction.  These sideways ranges always leave the Index in a potentially vulnerable position as price hovers around the breakdown line, concerning many market players and commentators.  
Finally, as volume was above average on Tuesday when price tested the line @5604, I won't be surprised to see come back, if the opportunity presents, and put in a secondary test of the 5604 level - this doesn't have to happen of course, but there is a reasonable chance it will at some stage.







Good Trading and Investing