EU, GU and EG Comment:
Interesting situations can occur towards the very end of trading on Fridays. This is a time of low activity and when it is therefore easiest for the MMs to manipulate prices to where they want them; to position prices optimally for them and for going into the next week of trading (optimally= barring and gap decisions they might subsequently make, due to "whatever").
With GU in an uptrend now, the MMs are working the price back lower to a previous consolidation level. With EG recently moving down as GU moved up and EU bounced around sideways, the MMs are working the price back higher towards a local S&R area above the half number.
Such very-end-of-the-week moves put on by the MMs, when everyone else has stopped trading for the week, are a strong indication of where the MMs want the prices to be. From this clue and past price action, we can better discern what the MMs might have up their sleeve for the upcoming week. If they move prices down, they are most likely bullish. If they move prices up, they are most likely bearish. The MMs move prices to where they can close existing positions and/or open opposite positions. A move to higher prices means the MMs are closing longs and/or opening shorts. A move to lower prices means the MMs are closing shorts and/or opening longs. This is not an exact science, and certainly any situation can change suddenly and dramatically due to "whatever".
The MMs appear to remain bullish GU and bearish EG. The late in day move up on EG simply resets the price near the Daily H&S neckline, which is definately still in-play. And once EG starts to drop, either GU is soaring or EU is plummeting, or both! The MMs are still playing with EU, up and down action which I take as nothing more than price manipulation and the utilization of time by the MMs to build bigger short positions. Note that price has been allowed up since the lows of yesterday. This looks suspiciously like the MMs are ochestrating the price to induce more longs to come to the party, which may turn out horribly for those accepting the invitation. The EU daily H&S formation is also still in-play, and it promises a huge plummet!
-tah
Interesting situations can occur towards the very end of trading on Fridays. This is a time of low activity and when it is therefore easiest for the MMs to manipulate prices to where they want them; to position prices optimally for them and for going into the next week of trading (optimally= barring and gap decisions they might subsequently make, due to "whatever").
With GU in an uptrend now, the MMs are working the price back lower to a previous consolidation level. With EG recently moving down as GU moved up and EU bounced around sideways, the MMs are working the price back higher towards a local S&R area above the half number.
Such very-end-of-the-week moves put on by the MMs, when everyone else has stopped trading for the week, are a strong indication of where the MMs want the prices to be. From this clue and past price action, we can better discern what the MMs might have up their sleeve for the upcoming week. If they move prices down, they are most likely bullish. If they move prices up, they are most likely bearish. The MMs move prices to where they can close existing positions and/or open opposite positions. A move to higher prices means the MMs are closing longs and/or opening shorts. A move to lower prices means the MMs are closing shorts and/or opening longs. This is not an exact science, and certainly any situation can change suddenly and dramatically due to "whatever".
The MMs appear to remain bullish GU and bearish EG. The late in day move up on EG simply resets the price near the Daily H&S neckline, which is definately still in-play. And once EG starts to drop, either GU is soaring or EU is plummeting, or both! The MMs are still playing with EU, up and down action which I take as nothing more than price manipulation and the utilization of time by the MMs to build bigger short positions. Note that price has been allowed up since the lows of yesterday. This looks suspiciously like the MMs are ochestrating the price to induce more longs to come to the party, which may turn out horribly for those accepting the invitation. The EU daily H&S formation is also still in-play, and it promises a huge plummet!
-tah