The XJO closed lower on Friday, where spread increased but volume reduced to about average, and the close was just above midbar.
The Index initially dipped lower in response to Thursday's questionable bar, effectively offering the upperhand to the sellers.
However the sellers did not take control, and price then slowly recovered almost all of the lost ground by early afternoon, before seeing a little more selling pressure into the Friday night close.
At this point in time, price has broken down below previous support, and then attempted to recover the lost ground, but may have failed at the first resistance level. A close clearly below Tuesdays low @5386.1 would most likely see price continue to breakdown.
That said, price does not appear particularly weak right now, and in the absence of any serious local catalysts for price movements, the Index just seems to be moving in sympathy with overseas markets to a large extent.
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- Weekend Charting and Chat - 21st October 2016
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