Sit around and eat ice-cream..... - Wednesday

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Good Morning and Welcome to the XJO Wednesday Thread

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News for Today (AEDST)




Gee, the local market certainly appeared to be 'on hold', with very little price movement, as the XJO eventually closed just marginally lower on Tuesday.   Spread was extremely narrow  at only 16.1 points, in fact it was the narrowest spread since the 27th Aug 2014 @14.8 points (as far as I can tell),  and volume increased over Monday's volume, but it was still slightly below the average, which is unusual for a Tuesday.
There is not a great deal that can be said about tuesday's very narrow price action (as they can be a bit deceptive).  There was no follow through to the downside, even though volume increased, so that may be a positive, however there was no demand for higher prices either, hmmm.   I guess any supply that did come in on Tuesday, was absorbed.........well at least temporarily anyway.  
There is still a reasonable chance price will come down and retest the strength of the potential breakout above 5288.5 & 5303.1 (but it doesn't have to), so perhaps there will be some stronger price action in the coming days, which should help with the analysis.

Spoiler : **** Warning - Brief Discussion as to the Speed of Milkmen ****

Good Trading and Investing


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