XJO September Thread

The XJO struggled higher on Friday,
Volume (value traded) was again well above average, however spread or range narrowed significantly,
which illustrates the difficulty the Index had in gaining ground on Friday.



The Intraday 10min chart (which uses points of 'true range' as a proxy for volume), shows price having to negotiate the levels above, absorbing supply that was left behind on the chart as price previously broke down.

A nice short term trade emerged during the afternoon, where price came off 45pts (marked) but was not able to break the previous low (11pts), and while doing this formed a little spring (circled in green).
This inferred absorption of supply.
Now on the springboard, price pushed up to the next resistance level (5440), and put in the highest upside (buying) volume on the chart, showing demand was again present.


   

cheers & see ya in a few weeks