The XJO closed sharply lower on Friday, where the spread was...

The XJO closed sharply lower on Friday, where the spread was wide, and volume was a little above average (although volume was affected by option expiry, so I estimate it was average or just below average overall).  Once again the Index has sliced down towards the lows of the trading range, each time threatening to breakdown, but failing to follow through.  Price has come down to these levels with a wide spread and low close multiple times since mid/late June (arrowed in blue), and price has reversed each time, so the watch will be on for the response next week (I do note that price has finished a little higher than all of those bars arrowed in blue, so there may be another narrower spread downbar like the one from the 3rd July (arrowed in red).
Overall, this sideways trading range continues.....

cheers