The XJO closed higher on Thursday. The Index (finally) pushed up...

The XJO closed higher on Thursday.
The Index (finally) pushed up and over the important ~5300 level today - potentially breaking out.
Spread was only modest today, when compared to recent trading ranges.
This could be construed as the potential breakout being a bit timid and perhaps vulnerable.
When however, today's spread is compared to the longer term average, the spread was fairly strong.
And on a daily basis the point spread was ~180 and about 3.5%, so we'll consider that as a pretty strong move overall - despite it being only moderate when compared to more recent spreads.
As usual we look to early next weeks trading to confirm today's potential breakout, and if confirmed, also expect there is a decent chance that once the momentum begins to ease, the breakout line (~5300) may be tested for strength - should the opportunity present.


Weekly charts later tonight or tomorrow.

cheers

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