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XJO 6,339.2

Against the Wind - Friday

  1. Jako8557

    15,690 Posts.
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    Good Morning and Welcome to the XJO Friday Thread

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    News for Today (AEDST)

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    The XJO closed higher (again) on Thursday.

    However, the Index found the going a little more difficult, at a similar level to where price had some difficulties on Wednesday.
    Volume (value traded) reduced to about average, and spread reduced considerably compared to the previous two days.

    The reduced volume took some of the 'oomph' away from the Index that was present behind Tuesday and Wednesday widespread bars. So after dipping lower and potentially absorbing supply during the early morning session, the Index eventually pushed higher, but with more of a grinding motion, than the frenetic price action seen earlier in the week.

    This can be better seen on the Intraday chart (further down below), where price spent the majority of the morning below the 5780 line mentioned yesterday. Notice the pressing nature of the bars towards the upside, and the downbars getting narrower as it came off towards the downside, also the inability for the Index to make lower lows, and the lack of easy follow through when downbars did appear. All of this was suggesting absorption of supply. And late in the morning, price eventually broke up through that 5780 line, and had a little more absorption to do at 5790, from some supply left behind on Wednesday, then it never really looked back for the rest of the session.

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    XJO ~10min, 3 point wave

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    Good trading and Investing



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