Thank You for Calling..... Wednesday

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Good Morning and Welcome to the XJO Wednesday Thread

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News for Today (AEST)




The XJO closed lower on Tuesday
Spread remained fairly narrow, volume increased a little to average, and the close was low.
It appears that price has come off a little, in response to the supply that was coming in at the trading range highs on Friday and Monday.
A relatively shallow pullback is (usually) an attempt to 'shakeout' the supply that is thwarting upside progress (especially at, or near, the highs of a trading range).   Should this supply continue to chase price lower, a deeper pullback may occur.  
Overall, the Index continues to have a positive bias (within the trading range) while it remains above the mid September highs @5194/5195,
and a break below the mid October low @5164.2 would give short term negative bias (within the trading range).

IMO, for the Index to take on an overall bullish bias, it would take a breakout above 5303.1 (preferably with a re-test from above).
And for an overall bearish bias, an initial break and close below 5039.6, with the 'last gasp' support level now at 4923.3 (preferably with a failure from below).
Otherwise, sideways is the new normal.......at least for a while longer.........

Spoiler : **** Warning - Viagra Joke (did I do this one already ??, hopefully not....) ****

Good Trading and Investing

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