Volume numbers appear to have settled considerably and are...

Volume numbers appear to have settled considerably and are complete much earlier (like normal), this suggests that panic selling is mostly done (at least for now).

The XJO closed higher Today, where spread was good and volume strong - particularly for a Monday.
Price pushed up to the expected resistance line above and appears poised to issue a challenge to it soon (maybe tomorrow).
The Index has been working for eight trading days in absorption and accumulation mode just below this level - which should have removed a lot of the excess supply (causing resistance).
If so, and price accelerates clearly above ~5300 with a strong effort, I feel any further resistance may collapse pretty easily, as many who had been trapped when price was coming off, have probably already sold for a loss, and any who remain may withdraw their supply.
The next expected resistance level above that is @ ~5760 (arrowed) which may also be only moderate - especially if resistance proves soft above 5300.



cheers

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