The XJO closed higher on Tuesday, and price closed right at the...

The XJO closed higher on Tuesday, and price closed right at the last breakdown line above (a logical level).
Some modest demand was drawn out of the market today - and this support also served to confirm the buying off the lows yesterday.
Spread was reduced and volume was not particularly high (when compared to previous volumes), so the last two days have seen some tentative and modest support, but it was not significant or climactic volume at this stage.
I also note that the thrust toward the downside, continues to shorten (it is very obvious on the chart below).
Although price is probably responding to a moderate previous support level around ~4500 (between 4334 and 4581), and also the stimulus packages being announced both here and overseas.  I kinda feel like the much stronger previous support zone below that is so close now that it might act like a magnet, and draw price down to it over time.   That level is between 3882 and 4238 with the strongest zone inside it being roughly between 4000 and 4100 .   Keep an eye on it, as it is a likely place to see more significant support emerge.


cheers

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