Stay at Home Wednesday

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Good Morning and Welcome to the XJO Wednesday Thread

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News for Today (AEDST)




The XJO closed lower on Tuesday, where spread narrowed, volume increased, and the close was again poor (and marginally below the important line).  The index attempted to rally on Tuesday, but failed to hold on to the gains by the close of trade.
If this was in a confirmed downtrend, or on the test of a previous breakdown, I would call it as "only temporarily support in a downtrend", however price has potential strength behind it (not weakness), and spread did narrow on an increase in volume (think about it.....price lost less ground on more volume).  So it appears there is some attempt at supporting the price at this important level on the chart.  No telling yet as to whether the support will be strong enough to maintain this level, or if price will breakdown to the next lower level (or perhaps it will just trade in sympathy with overseas markets for a period of time).
So it might take another trading day (or two) to resolve the questions raised........the impasse will become more clear fairly soon I'm sure.......






Good Trading and Investing

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