Really Fat Pizza, page-810

The XJO closed lower on Thursday, where spread and volume were about the same as the previous day.
Price sliced lower from the open after a weak overnight lead from overseas markets, and some unsettling news from the RBNZ concerning the suspension of dividends from their Banks.  But the Index slowly recovered lost ground all day.
The market finally closed about midbar which showed there is still reasonable demand present, and suggests an underlying resilience remains in the local market - it has certainly had the opportunity to sell off a few times recently, but has held up strongly so far.
I estimate there is still about an even money (50/50) chance price will get the opportunity to come back and test the strength of the late March lows.  If that does occur it will likely be a decisive event for the Index in the near term.


cheers

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