Race to the Bottom - Monday

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Good Morning and Welcome to the XJO Monday Thread

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News for Today (AEST)





The XJO closed higher on Friday.
The Index again appeared to meet supply as it pushed higher during the day.
At one stage during the afternoon it briefly turned Red, before regaining some of the lost ground late in the day.
The difficulty in moving higher can be seen in the narrow spread and close about midbar.
Volume for the day may have been effected by options expiry, but as it was lower than some of the other bars this week, I imagine that the 'actual' volume was possibly only average at best, and potentially below average. And that lowish volume infers there was a lack of demand for higher prices across the market, which (if correct) would have also played its part in the narrow spread and poor'ish close.

Up, Down or Sideways ?? No way of knowing for sure yet, it's all still speculation in my book.
There is now an equal chance that the upper limits of a new trading range are being defined.
The consideration also needs to be made that this is really a very large (multi day) shakeout, which would eventually be bullish overall.
However the thought could also be that, the breakdown is going to be tested, where it will ultimately fail, and the breakdown lower would continue and price would continue accelerate (or grind) towards the downside.
We'll see.......eventually it will become more clear......

Spoiler : *****Warning Bedtime Stories......******

Good Trading and Investing

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