The XJO finished close to its highs of the day after slipping in early trade, further adding credence to an imminent test of the 4,969 level. The hourly chart shows a healthy image for bulls, claiming the 4,930 mark by move into the middle of the uptrending channel. This perhaps appears to be set up nicely for the next leg up towards 4,950 and beyond as soon as tomorrow.
The daily chart remains much the same from yesterday, with price action nearing the aforementioned 100% retracement of April 2011 highs at 4,969. We will be watching closely whether this key level is defended by bears, or whether a breakout ensues to push market euphoria further.
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