After being up early in trading, XJO fell intraday to finish flat -0.02%.
That also coincided with the Line of Control - the longest bar of the Volume Profile on the right of the chart. The Line of Control is the region where the most volume has occurred for the XJO during the past six months. That often acts as support/resistance.
So, on the basis of probabilities, the next movement for the XJO will be to the downside.
Best performing sector today, by a long shot, was Info.Tech. (XIJ) up +1.81%. Next best was XXJ (Financials) +0.53%. Acting as a counter-weight to the rise in XXJ was XMJ (Materials) down -0.75%.
(Today, I've used a chart from Yahoo Finance - it is one of the few charting services which provide volume data for the XJO - although not for the current day. What is it about the ASX that volume data for indices is so hard to access? Beats me. Volume is an essential tool for technical analysis - yet the ASX denies its use by retail investors.)
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