The XJO finished lower on Tuesday, where the close was poor, and...

The XJO finished lower on Tuesday, where the close was poor, and volume was considerably increased.
The Index initially pushed higher from the open and quickly issued a serious challenge to the expected resistance around ~5300
Price spent a good couple of hours attempting to absorb the increased supply being drawn out at that level.
Eventually however, after a decent battle, it appears demand was withdrawn or reduced, and price fell back.
At the close of trade, not a huge amount of ground was lost (relatively), so at this stage I am going to consider this as a potential 'absorption bar' overall, and not necessarily the 'engineered' supply bar that it seems - although that is certainly not confirmed as yet.
FWIW an absorption bar in response, would either consolidate above ~4800 for a bar or two probably with reduced spreads, or just continue higher as though nothing questionable even happened - so a clear close below last Friday's low (little arrow) would likely void this analysis, and signal a possible impending breakdown.


cheers

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