G'day Jako So today was an upbar with the highest volume and...

G'day Jako

So today was an upbar with the highest volume and largest spread to date that closed about 1/3 from the top (indicating hidden selling/supply) it also traded for some of the day below the previous bars high (also indicating hidden selling/supply), and although we don't pay much heed to the open it did gap down on open. We have a 13 point spread on 14.7 M volume comparing that to the previous highest spread/volume day (23rd March) we have twice the volume to achieve 1 extra point of spread.

That's too much effort for too little reward. The extra volume could be a result of it becoming a daytraders plaything buying in the morning cashing out in the afternoon. The other possible explanation is that the market operator isn't doing their job properly and not clearing out supply - the whole point of accumulation to make it easier to rise not harder.

I'm going to take a leap here and suggest that on the basis of the suspected signs of weakness and a market operator that's not cleaning supply out - that todays bar is actually upthrusty and we may not be in accumulation afterall but rather in distribution.

I guess we will find out over the next few days if I've looked at 2 plus 2 and made it equal 8.

Cheers