XJO Weekend Charting and Chat - 11th May 2018, page-2

The XJO closed marginally lower on Friday.
The Index initially pushed higher - probably in response to overseas markets - then drifted lower for most of the day.
Volume was reduced and well below average overall, so while demand may have been limited, selling pressure was not particularly strong either.   Interestingly, price did not close below the series of previous highs.
Personally I am not convinced this is true weakness at this stage, price will have to break and close below the line @~6052 for me to start looking for downside levels.  There may be a minor or shallow or brief pullback in response to both Thursday and Friday's bars, probably adjacent to the recent little congestion zone.  So watch for the depth and duration of any downside reaction, as it will likely offer some important information about the overall strength (or weakness) of the market.



cheers