XJO 0.54% 5,858.8 s&p/asx 200

I Have an App for That - Tuesday

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    Good Morning and Welcome to the XJO Tuesday Thread

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    News for Today (AEDST)

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    The XJO closed a little lower on  Monday

    The Index appears to be finding it pretty tough going since moving higher than Wednesdays close @5777.3,
    and after three days of attempting to absorb the supply at this level, it is beginning to look a little vulnerable.
    However,  while price remains above Wednesdays high @ 5805.1 in particular, and the corresponding daily close (5777.3),
    it should be given the benefit of the doubt.
    That said, a break below those two levels will likely see a test of last Tuesdays high (5717.5) and Wednesdays low (5707.4), then following that is the late August 2013 highs beginning at 5679.5.

    Anyway, after coming off early in the session on Monday, there was a decent attempt to recover the lost ground during the late afternoon.
    Volume (value traded) was reduced over last Friday and below the 14 day average, but about normal for a Monday.
    (the very high volume on FXJ didn't make much impact on the overall total daily turnover)

    -see further below for the intraday chart

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    XJO Intraday ~10min chart, 3 point wave
    The 5805 line on the chart is the high of last Wednesdays bar, and you can see the Index sliced down through it early in Mondays session.
    Then it came back up and attempted to recover, but was unable,  sliced back down.
    And the next bounce higher had the tiniest of upthrusts, before it fell away again.
    Note the difficulty the Index had in making lower lows as it came off, the shortening of the thrust is clear (from low, to low, to low, etc.).
    The Index still needs to prove itself at this level, and hold above 5805, as a failure here would just be a failure on the retest of Wednesday's high.

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    Good Trading and Investing


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