Weekend Charting and Chat - 22 Aug 2014

Once again the XJO only closed marginally higher, and again after being higher during the day.

Volume (value traded) was a little below average on Friday, which on a narrow spread upbar, suggests that demand was not strong.

There no downside follow through from Thursdays nasty looking bar that had questionable options expiry boosted volume,
in fact Fridays bar closed slightly higher, albeit on low volume, suggesting that selling pressure was not overwhelming on Friday.

The intraday chart gives the impression that it was in absorption mode all day, breaking higher soon after open, then fading down gradually,
before easing higher again, then moving sideways in a tight range for an extended period, before coming off again into the close.
The bears certainly had the opportunity to take control on Friday, but did not take the initiative.

The intraday chart has found support around the ~5639 level over the last two days, with the next lower shelf at ~5624.

XJO Intraday Wave Chart - Roughly 10min across the entire chart.




XJO Daily




cheers