Stress Awareness 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 remained about average, volume was very low (especially for a Tuesday), and the close was off the daily lows.  The response to Monday's questionable bar was for price to come back and test within the previous bar's range.   And in doing so the Index did make a slightly lower low (when compared to Monday's bar), however it rejected going lower and closed back within Monday's range.  Overall the quite low volume also suggests selling pressure was not particularly strong on Tuesday (perhaps they were all at the races.....I don't know.....).  Anyway, if price had closed clearly below Monday's low on reasonable volume, I would have been more bearish in the short term, however we have a downbar on light volume that closed back within Monday's range, so I still feel a rise to test the resistance above maybe the highest probability in the near term....and no telling what will happen at that level, but it would be a logical place for a failure just like the previous failure.






Good Trading and Investing

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