Really Fat Pizza, page-835

The XJO closed higher today, where volume was almost back down to regular Monday levels.
Volume should increase further tomorrow, after overseas markets have traded - and will also help confirm the ST direction.
Spread increased today and the close was positive - up near the days high.
The Index eventually closed a little above the important ~5300 level.
It seems like we have been attempting to deal with this level - one way or the other - for ages now....
If a close above the ~5300 level is successfully maintained, it suggests that last Friday's very narrow spread day was the market working hard to absorb all the remaining supply at resistance, and possibly the last of the supply to be drawn out at that level - just wait a day or two for confirmation. If that proves successful, a clear close above ~5540 (the important weekly level is 5539.3) would most likely confirm the early April breakout, and I expect price would then be free to move up towards the 5700 - 5750 levels, where the next increase in selling pressure (resistance) is anticipated.
Finally, some levels to watch for the bears, it would initially take a failure at the current ~5300 level, followed by a clear break and close below ~5100 , to turn around the recent trend.


cheers