The XJO closed lower on Friday, where spread remained about...

The XJO closed lower on Friday, where spread remained about average, and volume dropped below the average line.
The Index again made a brief attempt to move higher early on in the session, before drawing out enough supply to overwhelm the demand which pushed price lower into the weekly close.
While it could be argued that an element of support was present in Friday's bar, as price did not move lower with any ease, and only a little ground was lost overall.   The fact that both on Thursday and Friday price has attempted to move higher, and all those gains have been lost by the close of trade (each day), suggest an inability to sustain a rally, which infers this may be only temporary support in a downtrend.......we'll see I guess......
So it appears that price is intent on coming back to test the strength of the important line @5604 just below, or at least it would really like to if the opportunity presents, and I expect it probably will now.




cheers