$S&P/ASX 200 (.XJO.AU)$ The XJO is a must-do today given the...

$S&P/ASX 200 (.XJO.AU)$ The XJO is a must-do today given the new record high and record close. You don't get these often, and you don't get them without a resounding vote of confidence among the demand and supply environment.

Cash wants in, bidding up prices to entice out stock from holders (i.e., motivated demand).

Stock holders aren't letting go without being enticed by higher bids (i.e., unmotivated supply).

It's the oldest tenet of economics. D > S = P⬆️.

There's nothing in the techincals to suggest the prevailing short and long term uptrends cannot continue. I see double green on my trend ribbons, supported by solid price action (with the close above the major peak at 7853), and predominantly demand-side candles (i.e., those with white bodies and/or downward pointing shadows).

7853 now moves to support, but really anything around the 7705-7746 of the short term trend ribbon is likely to be an area of excess demand. I suggest the bull market is hunk dory until we see a switch to supply side candles, falling peaks and falling troughs, and/or a close below 7585.