The XJO closed higher today, where spread reduced considerably,...

The XJO closed higher today, where spread reduced considerably, but volume was still pretty good for a Monday.
Price has traded inside last Thursdays range for two sessions now - all of which appears to be part of the potential consolidation of last Wednesdays trading (which was the highest close since the CoronaVirus lows).
I note that price has held firm since that Wednesday trading, with only limited downside, so it appears the market is attempting to absorb the supply that was drawn out from that trading day - which is a positive for future higher prices.
Spread was very narrow today.  When spread contracts considerably like this, the response is often an sharp expansion in range (kind of like an 'equal and opposite' reaction).  It can be an expansion in either direction.  The response when it does occur, generally happens fairly quickly, so perhaps look for wider spread day soon, maybe tomorrow or Wednesday.


cheers

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