Plan your Epitaph Thursday

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



The XJO closed higher on Tuesday, where spread remained a little narrow, volume increased to about average, and the close was strong, near the bars high.  The Index initially rose after the open, then gave up all of the gains around midday, before grinding back up before the day's close.   
Once again there was no downside follow through, so the response to last Friday's downbar has really only been a consolidation of price, and potential absorption of supply, possibly in preparation for a push higher to challenge the resistance line above.
An argument could probably be made either way as to the sentiment behind Tuesday's trading.....for me, with the background being more bullish than bearish, price being in an uptrend, no downside follow through in response to last Friday's bar, and an important breakout only a week ago, i'll stick with more strong than weak theory, and if price moves ahead now, i'll say that 'the Index was so strong, that price could not even pullback enough to properly test last week's breakout'..........haha, we'll see hey........






Good Trading and Investing