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Good Morning and Welcome to the XJO Wednesday Thread

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News for Today (AEST)




The XJO closed higher on Tuesday, where spread narrowed, volume increased-but remained below average, and the close was poor (below midbar).
Price attempted to respond higher soon after the open (which suggests there was some speculative buying off the Monday low), but with below average volume the Index was not able to maintain those higher levels throughout the day, and were mostly surrendered near the close.  
The lack of volume was possibly waiting for a second day's confirmation of the positive overseas trading on Monday night.
There are two ways to view Tuesday's price action, and one will be confirmed fairly early today, 1) only temporary support in a downtrend, and further downside will follow soon .....or ...... 2) absorption of supply in preparation for a rise.
What we do know is that price has not broken down yet, & still remains within the previous sideways range (if only just).
Price will look potentially bullish again if/when price closes back above Monday's high @5516.7, and will become bearish with  a clean and clear break below the double supports (purple and green lines), and apart from those two scenarios - the sideways trading malaise continues........






Good Trading and Investing

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Spoiler : ***Warning - Saucy Cartoon***