This chart shows just the XJO (ASX 200) and volume.Yesterday's action looked like a breakout move. On a breakout move, one expects higher than average volume.
Yesterday, I dismissed the low volume on the basis that yesterday was a Monday, and volume is often lower on Monday than the middle of the week.
However, that may just be a rationalisation. That volume yesterday was just too low for a breakout move.
The more I look at this the more I'm going to discount yesterday's move as significant.
The market remains in a sideways consolidation.
Let's wait for a definitive move.
Cheers
Red
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