XJO at the point of decision
The XJO 200 has made a dramatic recovery from the corrective move down to below 5150.
With the Daily chart showing 13 higher highs in 15 trading days, rarely does the market move in such a direct manner, and when it does usually ends in a further corrective move,
or many days of consolidation.
Up to writing this comment there is no reversal candle showing but the short term resistance at 5526 is now clear. any sort of meaningful pullback could
see the Index back at 5326 by Christmas. With the banks paying dividends in November a catalyst may be provided for this to occur.