xjo weekend zoomba lounge, page-53

Fairly tight battle between bulls and bears last night on the Industrials.

The bar was just slightly up, close in the middle, however there was a significant increase in volume.
So the pro's were active and supply was present.

There almost an equal proportion of todays bar both above and below the close of yesterdays bar.

The daily chart is within an area that you would expect to find resistance, so the supply isnt unexpected, however on an "Effort Vs Result" basis, there was a lot of effort (volume) for little or no result.

The obvious question is were the Pro's holding it up while they sold into it, or were they absorbing supply from the left, so it can be taken higher in the future ??

If it's the latter, we know that if it's going to be taken up, that supply present today will most likely need to be tested (narrow spread down bar, close mid to high, on lowish volume) before it will move much.

cheers

DJIA Daily