Really Fat Pizza, page-816

The XJO closed modestly lower on Tuesday, after trading much higher soon after the open.
Spread narrowed a little and volume increased a little, so some supply was being drawn out - which was not surprising as price threatened to breakout.
The poor close (down near the days lows) gives the impression of impending weakness, but this is not always the case.
During the session, it seemed like supply was coming in and was overwhelming demand as price traded above ~5300 And too some extent that was the case - supply was being drawn out, however will it be ongoing (that is the question)
Looking at the Daily bar in context with the rest of the chart, it kinda looks more like an absorption bar - similar to the one on 31st March (arrowed) which has since confirmed as the market attempting to absorb supply at resistance (~5300)
As usual the response over the next day (or two) will likely confirm and show which is correct.
In the near term it would probably take a clear close below ~5000 to turn this around and force price to breakdown again.

cheers

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