The Sky Isn't Falling.... - Thursday

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Good Morning and Welcome to the XJO Thursday Thread

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News for Today (AEST)





The XJO made a reasonable attempt to regain some of the ground lost on Tuesday, as it closed higher on Wednesday
Spread narrowed but volume increased slightly, which illustrates the Index did have some difficulties in moving higher again.
Price recovered to some extent, but did not ever make a serious attempt to challenge the multiple lines above, which are dominated by the longer term line at 5039.6 (fwiw the lower line of the three is at 5028.2 - the 13th Dec 2013 weekly low).
It is likely to take a decent sized effort now (in volume), for price get back above those longer term lines.
As the previous support found at that level has probably already turned to resistance (if not, it will soon.....so it will need to be quick).
Overall, the Index still continues sideways (as it has done for quite a while), however the clean and clear break below the danger point on Tuesday has given the outlook a bearish tendency for me.

Spoiler : ***** Warning - a difficult question *****

Good Trading and Investing

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PS- I will be away all next week, so if anyone would like to do a cranker, it would be appreciated.
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