Really Fat Pizza, page-845

The XJO continued higher today, closing 87.3 pts (1.60%) higher.
While the spread and volume was reduced compared to recent trading (it was fairly restrained for a Tuesday), this might actually be a reflection of  the depth of demand seen in the market yesterday - which was a bit unusual for a Monday.  The opportunity to buy at lower prices yesterday was presented, and the opportunity was taken by the market.
I don't expect today's reduced spread and volume will be seen as a lack of demand, more likely there was a lack of available supply (sellers) in the market after Monday's strong buying.  Instead I expect a mild supply vacuum allowed price to float higher with relative ease on modest buying today.
All that said, only the response over the next few days will tell the true tale and confirm.
And talking about confirmations...
Two trading days after Friday's widespread downbar suggested that supply had emerged and there may be a change in trend.
So far there has been no serious downside follow through to confirm the potential weakness (yet).   This continues to suggest the market does not really 'want' to go down right now, as the opportunity to do so was clearly presented on Friday.  And so far has been rejected.  Perhaps selling pressure will increase as price moves towards the 5500 level and cause some difficulties at the weekly breakout line (red) again.
We'll see....


cheers

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