Thoughts on the $AAXJ daily chart and 116 support
Been watching $AAXJ a bit lately, and it's holding that 116 level pretty consistently on the daily. We've seen a few probes below it in the last week, but it keeps snapping back. To me, this suggests a decent amount of underlying interest at that price, preventing a more significant break down. If it can maintain above 116.00 by close on Friday, I'd consider that a relatively strong signal of continued consolidation, perhaps setting up for a move back towards the 117.50-118.00 range. However, a decisive daily close below 115.80, especially on higher volume, would invalidate that read for me. That kind of break would likely open up a path towards 114.50 or even 114.00, suggesting a shift in sentiment. It's all about watching how it reacts around these levels now, given the broader market volatility.
The 116 level might look like support, but repeated probes often suggest it's more of a magnet drawing price back down than a solid floor. We'll see if it holds by Friday, but I wouldn't bank on it being a strong bullish signal.